Accounting Standards -Need for convergence

Implications: It is my view that the convergence of Accounting Standards is a fiction for Accountants. The national standards is a must for regulatory compliance .It has relevance only to MNCs who have cross border transactions and investments and are therefore subject to multiple standards. In my view the MNCs with such a background should follow uniform standards across the globe for proper interpretation of the Financial Statements. Moreover there should be proper reconciliation of profits arrived at as per accounting policies and cash profits realized. Any view on the above is welcome.

Analysis: National companies should adhere to national standards and multi national companies should follow the international standards.