The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. Convergence in some form has been taking place for several decades, and efforts today include projects that aim to reduce the differences between accounting standards.

Convergence is driven by several factors, including the belief that having a single set of accounting requirements would increase the comparability of different entities' accounting numbers, which will contribute to the flow of international investment and benefit a variety of stakeholders. Criticisms of convergence include its cost and pace, and the idea that the link between convergence and comparability may not be strong.

The international convergence of accounting standards refers to the goal of establishing a single set of high-quality accounting standards to be used internationally, and the efforts of standard-setters towards achieving that goal. Convergence is taking place in various countries, with over 100 countries having made public commitments supporting convergence towards the International Financial Reporting Standards (IFRS). Efforts towards convergence include projects that aim to improve the respective accounting standards, and those that aim to reduce the differences between them.

In the European Union (EU), the European Parliament passed a regulation in July 2002 requiring companies listed in EU based stock exchanges to prepare their consolidated financial statements in accordance with the IFRS from 2005. Countries within the EU were allowed to make IFRS adoption optional for unlisted companies and for unconsolidated holding company financial statements, and were allowed to make several exceptions to IFRS adoption in 2005, for example for companies whose only listed securities were debt securities.

In the United Kingdom, the IFRS was adopted beginning 2005, and, as of 2011, public companies are required to use the IFRS for their consolidated accounts. Other companies are also allowed to use the IFRS, but most have chosen not to do so, and continue to use the UK accounting standards largely developed prior to 2005. Companies deemed small under the UK Companies Act were allowed to use the Financial Reporting Standard for Smaller Entities (FRSSE) until this was withdrawn. For accounting years ending on or after 1 January 2016, FRSSE is no longer available.

For medium-sized entities that are not public companies, the Accounting Standards Board has proposed replacing the UK's generally accepted accounting principles (UK GAAP) with the Financial Reporting Standard for Medium-sized Entities (FRSME), which is based on the IFRS for Small and Medium-sized Entities.

In the United States, the Financial Accounting Standards Board (FASB) is working with the International Accounting Standards Board (IASB) to reduce or eliminate the differences between United States Generally Accepted Accounting Principles (US GAAP) and the IFRS, in particular according to the convergence programme laid out by a 2006 memorandum of understanding, which was updated in 2008.

Short-term projects towards convergence between US GAAP and the IFRS involve the amendment of one of the boards' standards to better align them with the other board's, jointly issuing new standards. Some short-term projects and the corresponding actions taken are listed below.