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Convergence Paper

In: Business and Management

Submitted By lferdin
Words 1150
Pages 5
Convergence Project
Financial Accounting Standards Board and International Accounting Standards Board
By: Lydia Ferdin

Our world is changing and sometimes in business, there are times when we must change our policies, standards, and guidelines as well to keep up with the natural changes in our environment. This leads to the idea of convergence as it relates to accounting. One of the world’s greatest naturalist and Greek professor Heraclitus (535 BC - 475 BC), once coined the theory and phrase “the only constant in life is change”. This is the same theory and philosophy that is used in business, specifically within the principles of the governing bodies and policies of accounting, today.
The mission of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) is to improve domestic and international accounting standards for the benefit of present and future investors, including lenders, donors, creditors, and users of financial statements. The FASB and the IASB believes that pursuing convergence will make accounting standards and principles as similar as possible while adhering to the mission of the FASB. Convergence among national and international accounting standards would foster comparability with the use of internationally converged accounting standards. Comparable Standards would reduce costs to users and preparers of financial statements and make worldwide capital markets more efficient. The purpose of the FASB and the IASB is to develop a unified set of high quality international accounting standards that merges together with United States (U.S.) accounting standards without compromising the quality demanded by U.S. investors and other users of financial statements. “From 2002 to 2013, the path toward convergence has been the collaborative efforts of the FASB and the International Accounting Standards...

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