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What exactly is convergence?

Author

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  • Paul Pacter

Abstract

From its inception in 1973, the former International Accounting Standards Committee (IASC) worked towards harmonising global accounting standards by developing standards that could serve as a model on which national standard setters could base their own standards. The IASC was replaced by the International Accounting Standards Board effective in 2001. Its mission became one of convergence of global accounting standards – development of a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent, and comparable information in financial statements and other financial reporting to help participants in the world's capital markets and other users make economic decisions. This paper examines the ways of achieving such convergence.

Suggested Citation

  • Paul Pacter, 2005. "What exactly is convergence?," International Journal of Accounting, Auditing and Performance Evaluation, Inderscience Enterprises Ltd, vol. 2(1/2), pages 67-83.
    • Handle: RePEc:ids:ijaape:v:2:y:2005:i:1/2:p:67-83
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    Citations

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    Cited by:

    1. Dudin, Mikhail Nikolaevich & Prokofiev, Mikhail Nikolaevich & Fedorova, Irina Yuryevna & Frygin, Aleksandr Vladimirovich & Kutsuri, Georgiy Nikolaevich, 2015. "International Practice of Generation of the National Budget Income on the Basis of the Generally Accepted Financial Reporting Standards (IFRS)," Published Papers d156, Russian Presidential Academy of National Economy and Public Administration.
    2. Zeff, Stephen A., 2007. "Some obstacles to global financial reporting comparability and convergence at a high level of quality," The British Accounting Review, Elsevier, vol. 39(4), pages 290-302.
    3. Jones, Stewart & Finley, Aimee, 2011. "Have IFRS made a difference to intra-country financial reporting diversity?," The British Accounting Review, Elsevier, vol. 43(1), pages 22-38.
    4. Utz Weitzel & Sjors Berns, 2006. "Cross-border takeovers, corruption, and related aspects of governance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 37(6), pages 786-806, November.
    5. Peng, Songlan & van der Laan Smith, Joyce, 2010. "Chinese GAAP and IFRS: An analysis of the convergence process," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 19(1), pages 16-34.
    6. Patrícia Teixeira Lopes & Lúcia Lima Rodrigues, 2007. "Accounting for financial instruments: A comparison of European companies’ practices with IAS 32 and IAS 39," FEP Working Papers 239, Universidade do Porto, Faculdade de Economia do Porto.
    7. Dudin, Mikhail Nikolaevich & Prokofiev, Mikhail Nikolaevich & Fedorova, Irina Yuryevna & Frygin, Aleksandr Vladimirovich & Kutsuri, Georgiy Nikolaevich, 2015. "International practice of formation of the national budget revenues on the basis of generally accepted financial reporting system (IFRS)," Published Papers d158, Russian Presidential Academy of National Economy and Public Administration.

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