InternAccting_Wk7Discussion - Week 07 Discussion...

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Unformatted text preview: Week 07 Discussion - Convergence vs. Harmonization Harmonization is an important topic in the accounting profession as many accounting standard setting organizations attempt to harmonize or converge existing accounting practices and principles. Locate an article discussing harmonization or convergence of accounting standards. Briefly summarize the article. Do you agree or disagree with the article? Why must we distinguish between convergence and harmonization? The article I located is by Ross Roundtable, entitled “International Accounting Standards: Where is the U.S.A.?”. This article discusses the dilemmas that the FASB and SEC are going through with harmonization and the convergence of International Accounting Standards. It explains that the pressure being put on FASB to converge may be immeasurable. It also explains that, “even if convergence to consistent, quality global accounting standards were achieved, problems of interpretation, implementation, and regulation (enforcement) would still persist” (Roundtable, 2004,...
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