Future Prospective for the International Convergence of Accounting Standards in the East Asian, European, Oceanic, and North American countries

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The purposes of our research are to compare the accounting standards of International Accounting Standards Board (IASB) with the national accounting standards of East Asian, European, Oceanic, and North American countries and examine the characteristics and problem about international convergence of accounting standards. In our research we discussed following issues.i) the approach of accounting standards setting and revising in various countries toward international convergenceii) the influence of international convergence of accounting standards on national accounting practices.We visited to have interview with the standard-setters on many countries. As the result of examination and analysis of resources, we found some concluding remarks.i) International convergence of accounting standards has been developed in adopting International Financial Reporting Standards (IFRS) of IASB except for some developed countries.ii) Many of chief executive officers and chief financial officers do not necessarily understand the contexts and problem in an application of IFRS.iii) The US securities act does not approve the financial statements in accordance with the IFRS to listing companies on the US markets. This results from not increasing the number of companies applying IFRS.iv) Many standard-setters including the IASB are considering accounting standards by small and medium sized enterprises. In the process of standard setting, they come up the double standards problem in a country and need the conceptual framework as the basis of accounting standard setting.