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Abstract
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Article Information:
Convergence of Accounting Standards: The Continuing Debate
Appah Ebimobowei
Corresponding Author: Appah Ebimobowei
Submitted: December 10, 2011
Accepted: January 21, 2012
Published: April 15, 2012 |
Abstract:
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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.
Key words: Accounting, accounting standards, convergence, , , ,
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Cite this Reference:
Appah Ebimobowei, . Convergence of Accounting Standards: The Continuing Debate. Asian Journal of Business Management, (2): 159-165.
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ISSN (Online): 2041-8752
ISSN (Print): 2041-8744 |
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