Currently, U.S. public companies prepare their financial statements in accordance with U.S. GAAP under the direction of the SEC. It is unclear whether the SEC will ever move to require or permit the use of IFRS in the United States. If so, this would be a massive undertaking and it is unclear how such a change would be accomplished.

1. What benefits do you see being attained from all users using a global system such as IFRS?
2. What drawbacks do you see resultingfrom this type of accounting change?
3. When are International Standards relevant to U.S. accountants today?

Needing help with this one