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ACFI 3221 Advanced Financial Reporting

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“The concept of convergence first arose in the late 1950s in response to post-World War II economic integration and related increases in cross-border capital flows. Initial efforts focused on harmonisation reducing differences among the accounting principles used in major capital markets around the world. By the 1990s, the notion of harmonisation was replaced by the concept of convergence the development of a unified set of high-quality, international accounting standards that would be used in at least all major capital markets…” (FASB, 2015).

“In 2001, the EU announced its adoption of IFRSs for listed companies from 2005. Soon afterwards, the IASB and the FASB entered into a Memorandum of Understanding for the purpose of convergence and started a joint project for convergence between the two conceptual frameworks” (Alexander et al., 2014: 140). This would then provide a sound foundation for developing future accounting standards which will be principles-based and internationally converged.

In 2014, the IASB and the FASB jointly issued a converged standard on the recognition of revenue from contracts with customers. The standard will improve the financial reporting of revenue and improve comparability of the top line in financial statements globally (FASB, 2016).

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