Global accounting bodies rethink definition of convergence

12/28/2012 | JournalofAccountancy.com

Global accounting standard setters acknowledge that completion of the convergence projects is unlikely to happen in the near term, but progress can still be made to closely align International Financial Reporting Standards and U.S. GAAP. "If the ambition is a single set of high-quality, globally accepted, and, in my view, principle-based standards, we're closer now than we were five years ago," says IFRS Foundation Trustee James Quigley.

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