please deffine convergence?

Question

i am studying accounting and am asked to define convergence.... ive been looking it up but only gettin it in the mathamatic term

Answer 1

If you mean the convergence project between the FASB and the IASB, it means to reduce the differences between the two, so that hopefully one day when the whole project is over, if you comply with US GAAP, you'd have complied with IFRS cos there are no differences anymore. But we haven't reached there yet.

Here's a link for you.