Examine the convergence of U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Discuss why accounting rules differ from country to country?
Describe the advantages of a single set of financial statements worldwide. Are there any disadvantages, particularly to the U.S.?
Identify and describe some of the key differences between U.S. GAAP and IFRS standards.
Offer an opinion on whether you personally feel convergence with IFRS is a good idea for the U.S. Support your opinion.