The death of an accounting dream

IASB and FASB have failed to bring standards together, stakeholders say

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Convergence is an ugly word for a beautiful idea – or, as beautiful an idea as you'll find in the awkward, angular world of accounting. Simply put, it is the attempt to create a common language, removing the barriers that separate US financial statements from those produced in the 120 member countries of the International Accounting Standards Board (IASB) – a vision that has united issuers, investors, regulators and even the Group of 20 (G-20) nations, over the course of a 12-year project.

But

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