"Convergence" means abandoning a country's financial reporting standards and replacing them with:

Question

Quizplus · Accepted Answer

The term "convergence" in financial reporting refers to the process of adopting and implementing the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Therefore, the appropriate choice would be B) International Financial Accounting Standards.

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