Convergence of U.S. GAAP & IFRS

Throughout our textbook, the authors continually points out differences between the financial accounting rules in the U.S. (GAAP) and internationally (IFRS). While most everyone agrees that capital markets and investors would be better served by e a single set of high quality worldwide accounting standards, getting there has proved very controversial. At present, the SEC is considering whether U.S. public corporations should be allowed or required to adopt IFRS. This week's discussion question: Should the SEC eventually approve the conversion to / adoption of IFRS by U.S. domiciled, SEC-registrant companies. Why or why not? Support your initial posting with citations from assigned readings.
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instruction:

1. In your discussions, when citing outside sources, start the sentence with "According to...".

2. You may reference other articles in your response - if you do, include a hard link to the cited article.