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Standards FASB & IASB. What is the objective of convergence?

FASB and IASB have been working on a Convergence Project for over ten years. In a 1-page essay discuss the two standard-setters and the body of standards issued by each. What is the objective of convergence?

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REFERENCE:

FASB. (2014). International Convergence of Accounting Standards. Financial Accounting Standards Board, retrieved Feb 21 from http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156245663.

The Two Standard Setters

The FASB's mission is to promulgate high quality accounting standards to inform and assist users of financial statements reach decisions based on relevant, reliable, comparable and understandable reports. They do this through a participative process of issuing drafts for comment and reading user, preparer, regulator and market participant reactions and suggestions and then re-drafting until they feel the standard is ...

Solution Summary

Your discussion is 392 words and a reference and discusses how these two boards work together and the goal of convergence.

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