AASB已经认识到它需要在创建符合国际标准的会计标准方面发挥关键作用。即使早在2001年，澳大利亚会计准则委员会就发布了ED102草案，以提出一项国际趋同和统一政策，以合并其部分政策声明以反映国际会计准则IASB。 AASB采用的国际财务报告准则在融合方面也起着关键作用。像澳大利亚这样的国家已经采用了国际财务报告准则（IFRS）（AASB，2002; 2016）。
The very definition of accounting presents it as a standard and a systematic way of keeping financial accounts (Morais & Curto, 2008). There are different processes associated with it such as identifying, recording, measuring and analysing etc., and each of the process will have protocols and standards. In Australia, the Australian Accounting Standards Board (AASB) is responsible for the development, issuance and maintenance of accounting standards for the country (IASB, 2002). Private and public sectors make use of these standards, and AASB has always worked on improvement of these standards and aims to bring them up to international standards (IASB, 2002).
AASB has recognized the need for it to play a critical role in creating accounting standards that is in convergence with international standards. Even as early as in 2001, AASB issued Draft ED 102 in order to present an international convergence and harmonization policy for merging some of its proposed policy statements to reflect International Accounting Standards IASB. International financial reporting standards adopted by AASB plays a critical role in the convergence as well. Countries like Australia have adopted the International Financial Reporting Standards (IFRS) (AASB, 2002; 2016).
Much research investigations have been done on the concept of international convergence and how it would be beneficial to the accounting system in Australia. In particular, the research investigation of AASB itself throws light on how mixed results are associated with the international convergence. After IFRS had been adopted, AASB conducted a review of published empirical research works in 2016 (AASB, 2016). The review was done in order to understand the impact that the adoption of IFRS has on public listings and the capital market in general. The research was conducted with the involvement of Deloitte and La Trobe University. The results were multifold and leaned towards some benefits and in other instances negligible changes. A research gap is identified in the combined work of Deloitte and La Trobe University (AASB, 2016). The research gap identified is the lack of sufficient understanding on how well benefits are constructed for the accounting community because of international convergence.