Off-Shore Jewelry, Inc. is a relatively small, but fast-growing U.S. based private company. It designs, manufacturers, and distributes fine jewelry in the United States. To reduce costs, it has manufacturing facilities in several countries including Malaysia and Mexico. Off-Shore Jewelry, Inc. also maintains relations with global banks and has considered a merger with a large jewelry company in Europe. A member of the Audit Committee of the company's board of directors has asked you, as CFO of the company, to report to board on whether the company should adopt IFRS. Develop a recommendation to the board, including reasons to support your recommendation, and discuss possible downsides.