Term Paper: Convergence of Accounting Standards

Sample Term Paper

The main theme of this article is presentation of a single set of standards that can be implemented globally without any complications. The two main bodies of this project are the FASB and IASB who have been working on the project since 2002 and have articulated a deadline of 2011 for convergence of accounting standards.

The Norwalk agreement was the first step for initiation of convergence when the two boards signed memoranda of understanding for convergence of accounting standards issues separately by the two boards. The agreement entails that that those standards which are mutually agreed to be more suitable from the two sets of standards will be implemented. Furthermore, new standards will be developed in place of standards of both boards which are deemed to be outdated or insufficient for the overall accounting framework and all member states will be responsible for implementing these standards in their respective regulatory environments (Defelice).

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