Final answer:
The convergence between IASB and FASB aimed to create globally uniform accounting standards to enhance comparability, transparency, and accountability in financial reporting, contributing to the financial stability of participating countries.
Step-by-step explanation:
The goal of the international convergence of accounting standards between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) was to create a uniform set of accounting principles that companies and organizations across the globe could use to prepare their financial statements. Such harmonization aims to improve the comparability of financial information, which is critical for investors, and to enhance the overall transparency and accountability within the financial system. By converging these standards, the initiative sought to address issues such as "too big to fail," reduce the likelihood of future financial bailouts, and protect consumers from abusive financial practices, as a means to promote the financial stability of the United States as well as other participating countries.