The process of reducing the differences between Generally Accepted Accounting Principles and International Financial Reporting Standards is known as convergence.

Name: The process of reducing the differences between Generally Accepted Accounting Principles and International Financial Reporting Standards is known as convergence.
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Convergence is the process of reducing the differences between Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

The Process of Reducing the Differences Between Generally Accepted Accounting