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Convergence of International Accounting Standards
“The globalization of capital markets is driving the increasing convergence of accounting standards worldwide” (Casabona, Shoaf, Review of Business). Since 1972 the International Accounting Standards Committee (IASC) has focused on the establishment of like standards in the global marketplace. In 1994, the first collaborative effort was initiated to develop a single-set of international standards by this London-based committee. In 1999, the “core” International Accounting Standards (IAS) were developed. ...
The IASC was officially replaced by the International Accounting Standards Board (IASB) in 2001. ... The need for International Accounting Standards arose out of worldwide economic and financial crises. ...
Although many countries endorse the International Accounting Standards, there are many developments that must still take place. This paper will discuss some advantages and disadvantages of convergence of accounting standards in the global marketplace.
Approximate Word count = 660
Approximate Pages = 2.6
(250 words per page double spaced)
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