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Convergence

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http://www.academia.edu/640120/Convergence_of_Accounting_Standards_Internationalization_of_Accounting

The concept of convergence first surfaced in the late 1950s in response to World War II economic integration showing that the idea of International Convergence of Accounting Standards is not new. At first, the convergence focused on the principles used in major capital markets around the world. By the 1990s, the idea of harmonization was replaced by the notion of convergence and the International Accounting Standards Committee was formed in 1973, which was the first international standards-setting body.
The FASB and the IASB have been working together toward convergence since 2002. The Financial Accounting Standards Board believes that the ultimate goal of convergence is a single set of high-quality, international accounting standards that companies would use for financial reporting. Currently, the collaborative efforts of the FASB and IASB is used to both improve U.S. GAAP and IFRS to eliminate the differences between the two.
In November 2009, a joint statement showed the IASB and the FASB reaffirmed a commitment to improving IFRS and US GAAP in achieving convergence. The plan gave priority to the major Memorandum of Understanding projects for which they believe the need for improvement of IFRS and GAAP is most urgent. The projects include joint projects on financial instruments, revenue recognition, fair value measurement, and the consolidation of investment companies. After their meeting in April 2011, the boards are providing this report on the progress of their joint convergence work.
The IASB and FASB have taken the following actions since their report last November. They have completed the five projects, which reflected the completion of MoU projects, publication of standards that are converged or substantially converged on fair value measurement, joint

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