1. Some of the factors that contribute to the existing diversity with regard to financial reports are (1) legal systems, (2) taxes, (3) financial entities, (4) inflation, (5) economic and political aspects and (6) ) culture. Select two of these factors that you consider to be the most problematic when attempting to set standards for international financial reporting. Make your case for why they can be considered great obstacles and how they can be overcome.

2. Explain how convergence differs from harmonization.

In your opinion, what are the most important arguments in favor of the international convergence of the public companies of the United States?

In your opinion, what are the most important arguments in favor of the international convergence of the public companies of the United States?