Case study 12.1: US accounting switch to aid multinationals

1. Outline some reasons the US regulators are likely to accept financial reports prepared under IFRSs rather than US GAAP for listing purposes. (J, K)
2. What would you perceive to be negative aspects of convergence between the FASB and IASB? Explain your answer. (J, K)
3. How do you think the agreement to accept IFRSs will impact on US companies? (J, K)