Assume you are a recently hired accountant working for Growing Bigger, Inc., a national business consulting firm with ambitions to expand into an international market. The president of Growing, Elizabeth Golightly, calls you into her office with a request. She has been asked to participate in a seminar on international accounting standards and wants to update her knowledge of the topic. She asks you to research the topic, with particular emphasis on the position taken recently by U.S. agencies and other authorities. She would like to know what the arguments are in favor of international account- ing standards, as well as the disadvantages, especially to businesses based in the United States. She is not asking you to take a position on whether the United States should endorse international accounting standards, but she does want a balanced report on the topic.

Ms. Golightly has asked you to research the topic and prepare a report for her, which she will use to help her prepare for her seminar participation. Respond to her request.