Briefly discuss why global accounting standards are needed in today's business environment. What are International Financial Reporting Standards? Who uses these accounting standards? What body is responsible for setting International Financial Reporting Standards? Briefly discuss the differences between: (a) adoption of IFRS by the U.S. Securities and Exchange Commission, and (b) convergence of U.S. GAAP with IFRS. Briefly discuss the difference between: (a) a "rules-based" approach to accounting standard setting, and (b) a "principles-based" approach to accounting standard setting. How is property, plant, and equipment measured on the balance sheet under IFRS? How does this differ from the way property, plant, and equipment is measured on the balance sheet under GAAP? What inventory costing methods are allowed under IFRS? How does this differ from the treatment under GAAP?