ACCSB paper - Introduction International convergence of...

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Introduction International convergence of accounting standards is not a new idea. In the late fifties after post World War II convergence was a concept. The convergence focused on harmonization. Harmonization reduced the differences in accounting principles used in capital markets around the world. Once the nineties came around, harmonization was replaced by convergence. Convergence created a single set of high quality international accounting standards that can be used in all major capital markets. IASB IASB is the standards setting body of the IFRS Foundation an independent, private sector, not for profit organization since 2001. Prior to IASB there was the International Accounting Standards Committee that was formed in 1973. The IASC was the first international standard setting body. IASB is committed in developing quality global accounting standards that provide quality transparent and comparable information. The IASB consults with the public, international, and national bodies around the world. The board consists of fifteen full time members from eleven different countries with diverse backgrounds. FASB FASB has been the designated organization in the USA since 1973 for establishing standards of financial accounting and reporting for the private sector. The SEC and the AICPA recognize the preparation of financial reports that are governed by FASB. The standards are essential to the functioning of the economy, investors, creditors, auditors, and others depending on the
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ACCSB paper - Introduction International convergence of...

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