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Fasb and iasb-trying to converge their standards

Problem:

There has been talk for several years that the FASB and IASB are trying to converge their standards, but it seems to be a very slow process. Do you think this will ever happen and is it appropriate for vastly different economies (think developed nations with stable economies v. third world, developing countries with high inflation) to have the same standards? Why or why not?

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Accounting Basics: Fasb and iasb-trying to converge their standards

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