Convergence of Accounting Standards with IFRS

Convergence of Accounting Standards with IFRS

In general, convergence of Accounting Standards (AS) with International Financial Reporting Standards (IFRS) means to achieve harmony with IFRS. The term convergence can be considered as ―to design and maintain national accounting standards in a way that financial statements prepared in accordance with rational AS are in convergence with IFRS‖. IAS I require financial statements to comply with all requirements of IFRS. This does not mean that IFRS should be adopted word by word. The local standard setters can add disclosure requirements or can remove some requirements which do not create non-compliance with IFRS. Thus, convergence with IFRS means adoption of IFRS with exceptions wherever necessary.

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