Convergence of accounting standards

The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally.[1] Convergence in some form has been taking place for several decades,[2] and efforts today include projects that aim to reduce the differences between accounting standards.[3]

Convergence is driven by several factors, including the belief that having a single set of accounting requirements would increase the comparability of different entities' accounting numbers, which will contribute to the flow of international investment and benefit a variety of stakeholders.[1][4] Criticisms of convergence include its cost and pace,[5] and the idea that the link between convergence and comparability may not be strong.[6]

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