Answer
Convergence aims to come up with one collection of universally- accredited and respected accounting standards to be used anywhere in crafting financial statements. Esteemed accounting bodies such as IASB and IFRS are working towards successfully aligning disparate accounting standards. The convergence aims to enrich the current standards' compatibility and practicability by investing in short- and long-term projects relating to the accounting standards. Besides, the convergence is governed by work programs for ensuring the continuity and sustainability of the converged accounting standards.
Work Step by Step
Convergence aims to come up with one collection of universally- accredited and respected accounting standards to be used anywhere in crafting financial statements. Esteemed accounting bodies such as IASB and IFRS are working towards successfully aligning disparate accounting standards. The convergence aims to enrich the current standards' compatibility and practicability by investing in short- and long-term projects relating to the accounting standards. Besides, the convergence is governed by work programs for ensuring the continuity and sustainability of the converged accounting standards.
