Chapter 1 Introduction

Abstract

International bodies such as the European Union (EU), the International Organization of Securities Commissions (IOSCO), the Association of South-East Asian Nations (ASEAN), and the World Trade Organization (WTO) are actively working toward the creation of business structures that will facilitate international trade and commerce.¹ Certain aspects of international business and trade – such as law, marketing, finance, and economics – have all, by methods such as treaties and bilateral agreements, transcended national boundaries and converged (Carlson, 1997, p. 357). There is an expectation within the international capital market that since accounting is an important source of business information, it should further transcend national boundaries, and practices should also converge (Carlson, 1997; Purvis, Gernon, & Diamond, 1991; Whittington, 2005). In the international accounting literature, this process has been denoted as “harmonization” or “convergence.”

Citation

Chand, P. and Patel, C. (2011), "Chapter 1 Introduction", Chand, P. and Patel, C. (Ed.) Achieving Global Convergence of Financial Reporting Standards: Implications from the South Pacific Region (Studies in Managerial and Financial Accounting, Vol. 22), Emerald Group Publishing Limited, Leeds, pp. 1-6. https://doi.org/10.1108/S1479-3512(2011)0000022005