Which of the following statements is believed to be true about accounting convergence by proponents of convergence?

Question

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Proponents of convergence believe that it would help to raise the quality of accounting practices internationally, by reducing the diversity of accounting standards and increasing comparability of financial statements. They also argue that convergence would facilitate cross-border investment and reduce the costs of complying with multiple accounting standards. Option A is incorrect, as some critics of convergence argue that it may undermine national sovereignty and lead to loss of control over accounting standards. Option B is also incorrect, as there are significant differences in capital market structures, legal systems, and business practices that can affect the relevance and reliability of accounting information.

Which of the Following Statements Is Believed to Be True