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The International Convergence Project
Finance & Accounting
Pages 8 (2008 words)
The International Convergence Project Table of Contents Table of Contents 2 Introduction 3 International Convergence Project & Its Relevance 4 Current Situation of Global Convergence 8 Conclusion 12 References 13 Introduction This project includes a discussion on International Convergence Project being carried out by IASB through the IFRS guidelines.
Globalization has undoubtedly contributed to the economic growth in developed as well a developing countries through the principle of comparative advantage and increased specialization. With the benefits of globalization, the policy makers have also recognized the need for uniform disclosures by firms engaged in multinational businesses. As accounting is a universal language for business, it becomes all the more important to have sound and comparable accounting principles to enable the capital providers, analysts and regulators to understand the health of business and make relevant decisions. Understanding this need the standard setters have come up with the international convergence project for uniform accounting standards. This project includes the discussion on need for uniform accounting standards in modern financial world. The benefits that accrue on behalf of adoption of single accounting standard framework by majority of the countries have also been provided. Furthermore the empirical evidence post-IFRS adoption by European firms has been included. Lastly the current state of convergence project has been provided. ...
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