For years, the need for a universal set of accounting standards has been leading to the pending convergence of the U.S. Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS).

Research the pro and con arguments for a universal set of accounting standards. Based on your research, develop a personal statement expressing your opinion. Be sure to explain both the reasoning and support for your position.

Select two of your classmates' posts, as follows:

• One classmate with the same position but different reasoning and support: Compare your reasoning for similarities. How can you and your classmate collaborate to develop a combined argument for the stated position?
• One classmate with the opposite position: What counterargument (with support) can you give to your classmate?