Respuesta :
Recent occurrences imply that full convergence Financial Reporting will be accomplished within the next few years.
What does the term "accounting standards convergence" mean?
Convergence in the context of financial reporting is the process of harmonizing accounting standards published by several regulatory authorities. The fusion of US Standards with International Accounting Standards (IAS) could serve as one such example.
What is the significance of accounting convergence?
A particularly favorable development is the unification of accounting standards around the world. All parties involved in the capital markets profit significantly from the convergence of financial reporting and accounting standards, which is a positive process that promotes the free flow of international investment.
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