Convergence of accounting standards
monetary principles in business
The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. Convergence in some form has been taking place for several decades, and efforts today include projects that aim to reduce the differences between accounting standards.
Convergence is driven by several factors, including the belief that having a single set of accounting requirements would increase the comparability of different entities' accounting numbers, which will contribute to the flow of international investment and benefit a variety of stakeholders. Criticisms of convergence include its cost and pace, and the idea that the link between convergence and comparability may not be strong.
Overview
The international convergence of accounting standards refers to the goal of establishing a single set of high-quality accounting standards to be used internationally, and the efforts of standard-setters towards achieving that goal. Convergence is taking place in various countries, with over 100 countries having made public commitments supporting convergence towards the International Financial Reporting Standards (IFRS). Efforts towards convergence include projects that aim to improve the respective accounting standards, and those that aim to reduce the differences between them.
European Union
In the European Union (EU), the European Parliament passed a regulation in July 2002 requiring companies listed in EU based stock exchanges to prepare their consolidated financial statements in accordance with the IFRS from 2005. Countries within the EU were allowed to make IFRS adoption optional for unlisted companies and for unconsolidated holding company financial statements, and were allowed to make several exceptions to IFRS adoption in 2005, for example for companies whose only listed securities were debt securities.
United Kingdom
In the United Kingdom, the IFRS was adopted beginning 2005, and, as of 2011, public companies are required to use the IFRS for their consolidated accounts.
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