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Convergence of Accounting Standards

Convergence of Accounting standards means to include different countries' accounting standards in IFRS. For example, India has its own GAAP. Convergence of Indian GAAP means it will be updated with IFRS. Most of countries included India converge their accounting standards in IFRS. Main aim of convergence of accounting standard is to facilitate investors who compare different countries companies' financial statements. Financial statement will be comparable if there will not any difference between country's own accounting standard and IFRS.

Convergence of US GAAP

There is big debate of adopting or not adopting IFRS. Some accounting experts are in the favor of convergence of US GAAP but other experts are against the convergence of US GAAP. Few minutes ago, I was reading the Shyam Sunder's criticism of convergence of US GAAP in his PDF file  IFRS Monopoly: The Pied Piper of Financial Reporting. In his PDF file, he lighted several problems like language problem, currency problem and measurement problem which IFRS did not solve. So, it will create difficulty for accountant instead of giving any benefit.

Convergence of Indian GAAP

On Indian govt.'s Ministry of corporate affairs request, ICAI is converging of India GAAP. After convergence of Accounting standards, these are called Ind AS. These are 35 which are updated as per IFRS. If you want to study all these new 35 Ind AS, you can study at the official site of Ministry of Corporate Affairs.

According to Business Standard
As per the earlier road map laid out by the MCA, companies will have to prepare their accounts as per the new norm in a phased manner, beginning with companies that have a networth of over Rs 1,000 crore from April 1.
Further, while scheduled commercial banks and urban cooperative banks will adopt IFRS from April 1, 2013, all insurance companies will convert their opening balance sheets with IFRS from April, 2012.
Large, listed non-banking finance companies (NBFCs), will converge their opening books of accounts with IFRS norms from April 1, 2013.

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Accounting Education: Convergence of Accounting Standards
Convergence of Accounting Standards
Accounting Education
https://www.svtuition.org/2012/07/convergence-of-accounting-standards.html
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