IFRS><GAAP

[Former Member]

does anyone know the difference between conversion and convergence?

[Former Member · Accepted solution]

Hi,

It is common that some of the existing local gaap standards are in sync with IFRS standards.In such circumstances the local gaap standards are retained.Only the conflicting standards are subject to IFRS transformation.This is called convergence.

India for example adopts convergence.

When a country totally abandons its local gaap and transforms in to IFRS [ 100 %] it is called conversion.Canada has adopted "conversion".

Hope this helps.

Regards

Ramesh