Question

Need History information on "Convergence of Accounting Standards" in your own word about two pages and references where you got the information.

Answer 1

I am a member of the institute of chartered accountants of India and this information majorly relates to my learning during completion of the course.

Convergence refers to creating an all encompassing single framework for the purpose of reporting in financial statements.

A converged accounting standards set is being looked forward to as it would be very useful to stakeholders in terms of comparability across the world.This would also be very cost effective.

The financial accounting standards board continuously strives for improvement in the accouting standards.The internationally converged standards would be used by companies across the world for cross border reporting and domestic reporting.

This is in the best interest of the public and would provide a uniform ground for financial reporting.

There might be some local variations in the converged accounting standards to suit the economic and environmental differences of various countries.