Editing Financial Accounting Standards Board (section)

=== International comparability vs. convergence ===
Some industry professionals support development of a single, globally-shared set of accounting standards. [[Convergence of accounting standards|Convergence]] proponents assert that a single set of standards would make it easier and more cost-effective for large multi-national corporations to report using one set of financial reporting standards for all countries. They believe it would make financial statements more comparable to one another, improving overall transparency and understanding of a company's financial health.  Supporters also argue that a single set of standards would give investors access to crucial information more quickly and increase opportunities for international investments, resulting in economic growth.<ref name="Bader">{{cite journal|last1=Bader|first1=Keith|title=The International Accounting Debate: Options in Standardization|journal=Journal of International Business and Law|date=2009|volume=8|issue=1|url=https://scholarlycommons.law.hofstra.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1105&context=jibl|access-date=15 December 2017}}</ref><ref name="Pologeorgis">{{cite web|last1=Pologeorgis|first1=Nicolas|title=The Impact Of Combining The U.S. GAAP And IFRS|url=https://www.investopedia.com/articles/economics/12/impact-gaap-ifrs-convergence.asp|website=Investopedia|access-date=15 December 2017|date=16 October 2012}}</ref>

Other professionals, however, are opposed to wholesale convergence of a single set of international accounting standards.<ref name="Bader"/> Opponents share concerns that, due to different environmental influences around the world, such as differing stages of economic development and sources of funding, independent accounting standards are appropriate and necessary.<ref name="Choi">{{cite book|last1=Choi|first1=Frederick D.|title=Management Accounting|date=1981|page=29|chapter=A Cluster Approach to Harmonization}}</ref>

Convergence opponents have said that without vision and commitment to convergence, the standards wouldn't be effective unless they were enforced or provide significant benefits.<ref name="Bader"/>

Many{{which|date=April 2019}} U.S. accounting firms are opposed to convergence because of the familiarity of GAAP, the unfamiliarity with international accounting principles, and other countries' accounting systems. U.S. firms and other CPAs have been reluctant to adapt and learn a new accounting system, and believe that IFRS lacks guidance compared to the GAAP. CFOs are also against converging to one set of standards, because of the associated cost.<ref name="Pologeorgis"/>