For accountants, the word "Convergence" has two related meanings. First, Convergence refers to the ongoing efforts of accounting standard-setters in the United States and around the world to eliminate differences in accounting standards among countries. Second, Convergence refers to the absence of differences in accounting standards among countries. Thus, as reflected in those two meanings, Convergence is both a process and a goal. And as the process continues to bring us closer to the goal, the implications of Convergence for U.S. accountants are growing in significance.
[Last Updated Sep. 16, 2007]
