According to a FASB, it is committed to developing, in the public interest, a single set of high-quality, global accounting standards that require transparent and comparable information in general-purpose financial statements. In pursuit of this objective, the IASB co-operates with national accounting standard-setters to achieve convergence in accounting standards around the world. A single set of accounting standards would reduce the cost of financial information for all users of financial information.

Question: Is it possible for all the countries/governments in the world to agree on a single set of high-quality, global accounting standards? Take a position on why the objective of the IASB is or is not attainable. You must provide a minimum of three reasons with explanations to support your position