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Financial Management

What are the major forces leading to convergence in international accounting standards and practices?

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The response addresses the queries posted in 460 words with references.

//This paper gives the brief information about financial institutions changing their norms by undertaking convergence with the international accounting standards. The reasons and factors that led to this change have been discussed//

Development of accounting standards in a country is influenced by the country's economic, political, and legal systems, along with the level of technological development, traditions and cultures and other factors inherent in a country. Convergence relates to a flexible approach, which helps in increasing the consistency and alignment of the accounting standards across the countries. The goal of bringing convergence into the international accounting standards is to bring uniform state in accounting and removing the ...

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The response addresses the queries posted in 460 words with references.

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