JRC, Inc. is a multinational U.S. public company that operates in more than 10 countries. Based on the belief that the SEC is likely to require a move to IFRS, the CEO has decided to form an IFRS Planning Task Force to address the JRC's possible transition to IFRS. The CEO has asked you, as CFO, to prepare a short memorandum to him that delineates broadly the financial reporting transition to IFRS (under IFRS No. 1) and also recommend what other divisions of the company should be represented in the task force.