set of lowest common denominator accounting standards,what does it mean?

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    wahab11
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    It is written in kaplan that ,”sir david tweedie has already stated that there will not be convergence for the sake of convergence by the issue of a set of lowest common denominator accounting standards”. what does it mean?


    Avatar of MikeLittle
    MikeLittle
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    It means that the IASB and the FASB are not simply going to identify where there are exact similarities and produce a “Converged Standard” restricted to those common ( denominators ) areas.

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