Quick Finance Tip - Convergence of Financial Reporting

Convergence is the movement to one global set of financial reporting standards.  

This forces investors to be aware of the changes in accounting standards. The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have pledged to:

1. Make existing financial reporting standards fully compatible and practicable; and
2. Coordinate their future work programs to ensure both bodies begin wording towards convergence.