Harmonization of IASB and FASB standards is now being called:

Question

Quizplus · Accepted Answer

The harmonization of IASB and FASB standards is called convergence. It refers to the ongoing efforts of both the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) to develop a single set of high-quality, globally accepted accounting standards. The goal of convergence is to eliminate unnecessary differences between the two sets of standards, reduce complexity, and improve transparency in financial reporting. Benchmarking, conformity, and uniformity do not accurately describe this process.

Harmonization of IASB and FASB Standards Is Now Being Called