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The ultimate goal of both harmonization and convergence is to achieve international comparability in financial reporting, and both are processes that take place over time.

The ultimate goal of both harmonization and convergence is to achieve international comparability in financial reporting, and both are processes that take place over time. Until the establishment of the IASB in 2001, the main objective of the IASC was to achieve international harmonization in accounting standards. Do you think convergence will take away from the enforcement of the standards, do you think more international fraud could arise with one set of standards?

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