Accounting convergence is a process that seeks to harmonize accounting standards worldwide. This means that, regardless of the country in which a company is located, the accounting standards used will be the same.

This process began in 2002, when the Brazilian Securities and Exchange Commission (CVM) launched the first initiative for accounting convergence. Since then, several entities and regulatory bodies have worked to make this convergence a reality.

One of the main reasons for accounting convergence is the globalization of markets. With the growing internationalization of companies, it is increasingly common for them to have operations in several countries. In this context, the existence of different accounting standards in each country can make it difficult to compare and analyze the financial results of companies.

Another factor that motivates accounting convergence is the need to increase the transparency and reliability of accounting information. With standardized accounting standards, it is easier for investors and other stakeholders to understand companies' financial statements and evaluate their performance.

In Brazil, accounting convergence was implemented through the adoption of International Accounting Standards (IFRS). IFRS are a set of accounting standards developed by the International Accounting Standards Board (IASB) and adopted by more than 120 countries around the world.

The adoption of IFRS in Brazil began in 2008, with the publication of Law No. 11,638/07. Since then, Brazilian companies are required to follow international accounting standards in their financial statements.

Accounting convergence in Brazil has brought many benefits to companies and the economy as a whole. In addition to facilitating the comparison and analysis of financial statements, IFRS also contribute to improving corporate governance and reducing the risk of fraud and accounting irregularities.

However, the implementation of IFRS also brought challenges for Brazilian companies. Many of them had to make significant changes to their accounting systems and train their professionals to adapt to the new standards.

In short, accounting convergence is an important process for harmonizing accounting standards around the world. In Brazil, the adoption of IFRS brought many benefits, but it also required significant efforts from companies to adapt to the new standards.

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