Convergence implies that GAAP and IFRS standards will blend together, with differences reconciled, and ultimately we will have one set of standards that can be used world-wide.

Question

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Convergence is the process of bringing GAAP and IFRS closer together by reconciling their differences. The ultimate goal is to have one set of accounting standards that can be used globally.

Convergence Implies That GAAP and IFRS Standards Will Blend Together