Setting a Global Standard: The Case for Accounting Convergence

Tweedie, David, Seidenstein, Thomas R. | January 1, 2005

As capital markets play an increasingly central role in today’s modern economies, policy-makers are confronted with the question of how to assure the continued effective functioning of these markets and, in particular, how to develop a sound financial reporting infrastructure. Recent experience suggests that such a reporting infrastructure must be built on accounting standards that are consistent, comprehensive, and based on clear principles to enable financial reports to reflect underlying economic reality.