Convergence refers to
A) using the same accounting principles from one period to the next.
B) use of the same accounting principles by all companies.
C) the elimination of all accounting standard-setting bodies except the International Accounting Standards Board.
D) the process of reducing the differences between IFRS and GAAP.

Question

Quizplus · Accepted Answer

Convergence refers to the process of reducing the differences between IFRS and GAAP. This is done to promote consistency and comparability in financial reporting across different countries and regions. While the ultimate goal of convergence is to achieve a single set of global accounting standards, there is no plan to eliminate all accounting standard-setting bodies except for the International Accounting Standards Board.

Convergence Refers to