Electronic copy available at: http://ssrn.com/abstract=2596957 On the Convergence of Accounting Standards TAN Boon Seng* Institute of Singapore Chartered Accountants 21 April 2015 Abstract The initiative towards the convergence of accounting standards driven by the International Accounting Standards Board (IASB) appears un-stoppable. This paper first examines why having a set of national accounting standards is valuable. However, the underlying accounting model at the national level means that the logic may not extend to de facto convergence and the debate is played out as debates on implementation issues and fair value accounting. If de jure convergence materializes, International accounting faculty will need to shift their teaching and research focus from the differences in national standards to the differences in implementing a set of international standards. Key Word: Convergence, Fair Value Accounting, International Accounting Standards Board, Accounting Theory JEL: M41 (Accounting), M48 (Government Policy and Regulations) *Email: boonseng.tan@gmail.com