"Convergence" means abandoning a country's financial reporting standards and replacing them with the International financial Reporting Standard.

Name: "Convergence" means abandoning a country's financial reporting standards and replacing them with the International financial Reporting Standard.
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Convergence refers to the process of harmonizing a country's financial reporting standards with the International Financial Reporting Standards (IFRS), not replacing them entirely.

"Convergence" Means Abandoning a Country's Financial Reporting Standards and Replacing