A. IFRS Convergence: Learning from Mexico, Brazil, and Argentina

I found it very interesting as far as the relations between India's long haul towards converging their Ind as GAAP with IFRS and the United States ongoing conversations regard a convergence of our GAAP with IFRS to the international issue of global warming. Even though these issues are different, they are the same because it is something we potentially have the power to fix but we cannot do it alone. If there was not a concern of preserving the environment in any way, these would not be of an issue, but they are and need to be addressed as they are today.

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B. What have the IASB and FASB convergence efforts achieved?

I believe IFRS conversion might actually be more than one time costs. I mentioned earlier in class a point that needs to be addressed and that is the impact on our educational system. It will require a substantial cost to convert but the long-term benefits will likely exceed the costs.

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