Harmonization of IASB and FASB standards is now being called:

Question

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The harmonization of IASB and FASB standards is now being called convergence. Convergence refers to the process of coming together or reaching a common agreement. In this context, it refers to the goal of aligning the accounting standards of different countries, specifically the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the Generally Accepted Accounting Principles (GAAP) issued by the Financial Accounting Standards Board (FASB) in the United States.

Harmonization of IASB and FASB Standards Is Now Being Called