Friday, January 4, 2008

There are significant costs of convergence

Convergence of accounting standards entails significant costs

A survey of accounting industry leaders from around the world has found overwhelming support for convergence of accounting standards, as a recent story in informs.

“According to a survey of 143 leaders from 91 countries, conducted by the International Federation of Accountants, 89 per cent indicated that convergence to International Financial Reporting Standards (IFRS) was ‘very important’ or ‘important’ for economic growth in their countries. Nine per cent said it was ‘somewhat important,’ while only 1 per cent said it was not important,” states the December 4-dated article.

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