The process of reducing the differences between Generally Accepted Accounting principles and International Financial Reporting standards is known as convergence.

Name: The process of reducing the differences between Generally Accepted Accounting principles and International Financial Reporting standards is known as convergence.
Brand: Quizplus
Rating: 4.8 (53 reviews)

Question

Quizplus · Accepted Answer

Convergence refers to the efforts to harmonize and reduce differences between GAAP and IFRS to create a more uniform set of accounting standards globally.

The Process of Reducing the Differences Between Generally Accepted Accounting