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Chapter 15

Convergence issues

3.1 The benefits of convergence

There are a number of potential benefits from the worldwide convergence with
International Financial Reporting Standards:

 Investors would be able to compare entities more easily

 Access to international finance would be easier

 Multi-national entities would save time and money when producing consolidated
financial statements.

3.2 National standard setters

To aid worldwide convergence with International Financial Reporting Standards,
national standard setters should:

 Avoid amending an IFRS Standard when adopting it in their own jurisdiction

 Encourage their constituents to communicate opinions with the International
Accounting Standards Board

 Communicate differences of opinion about a project to the International
Accounting Standards Board as soon as possible.

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