Final answer:
The FASB/IASB convergence process aims to align accounting standards. The principles guiding convergence are comparability, transparency, and efficiency.
Step-by-step explanation:
The FASB/IASB convergence process refers to the efforts made by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to align their accounting standards. The main principles guiding these convergence efforts are comparability, transparency, and efficiency.
Comparability ensures that financial statements prepared under different standards are similar, allowing users to make meaningful comparisons. Transparency ensures that financial information is presented clearly and comprehensively for users to make informed decisions. Efficiency aims to reduce the complexity and cost of financial reporting.
The convergence process involves regular meetings, public consultations, and joint projects between the FASB and IASB to develop and refine accounting standards that are globally accepted.