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2012 (Vol. 4, Issue: 2)
Article Information:

Convergence of Accounting Standards: The Continuing Debate

Appah Ebimobowei
Corresponding Author:  Appah Ebimobowei 

Key words:  Accounting, accounting standards, convergence, , , ,
Vol. 4 , (2): 159-165
Submitted Accepted Published
December 10, 2011 January 21, 2012 April 15, 2012
Abstract:

This study examines the continuing debate of convergence of accounting standards. Accounting standards are policy documents issued by recognized accountancy bodies relating to the measurements, treatments and disclosures of accounting transactions. Therefore, converging these standards reduces the differences in financial reporting practices between nations for comparability and interpretation in international financial statements. To achieve the objective of this study, relevant secondary data were obtained from accounting journals, text books and internet materials and the analysis was mainly descriptive. The findings show that converging accounting standards is very important because of the current globalised nature of businesses worldwide and the benefits of nations stand to achieve from convergence of standards. However, it is necessary to note that convergence of accounting standards does not make financial reports more reliable but rather standard setters should concentrate more on ethical issues of integrity, objectivity, accountability, independence that promotes reliability, comparability, consistency and quality financial reports than issues of converging standards without taking into consideration the dynamics of culture and business practices across nations.
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  Cite this Reference:
Appah Ebimobowei, 2012. Convergence of Accounting Standards: The Continuing Debate.  Asian Journal of Business Management, 4(2): 159-165.
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ISSN (Online):  2041-8752
ISSN (Print):   2041-8744
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