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IFRS adoption or convergence? Are they same meaning?  what is the difference of the two concepts?
in General IFRS Discussion by Level 1 Member (1.8k points)

1 Answer

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They mean different ideas. Adoption means implementing full IFRS standards by legislation so that the all entities are legally bound to use IFRS. Most countries have adopted IFRS. On the other hand convergence means developing standards which are compatible with the IFRS. For Instance USA is converging to IFRS. That is USA has not fully accepted IFRS but they are developing US GAAPs which are compatible to IFRS.
by Level 3 Member (6.2k points)


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