Chapter 1 - Financial Accounting and Accounting Standards - IFRS Insights - IFRS Concepts and Applications - Page 35: IFRS1-4

Convergence is the process of ensuring that one set of accounting standards is utilized across the globe. The first principle of convergence focuses on the compatibility of reporting standards. The second principle entails continued coordination between IASB and FASB to guarantee that compatibility is sustainable in the long haul. The coordination is true joint work programs conducted by the two bodies.

Convergence is the process of ensuring that one set of accounting standards is utilized across the globe. The first principle of convergence focuses on the compatibility of reporting standards. The second principle entails continued coordination between IASB and FASB to guarantee that compatibility is sustainable in the long haul. The coordination is true joint work programs conducted by the two bodies.