How could I respond or add on to the below discussion board?

a. Presently, there are two sets of rules accepted for international useGAAP and International Financial Reporting Standards (IFRS), issued by the London-based International Accounting Standards Board (IASB). U.S. companies that list overseas are still permitted to use GAAP, and foreign companies listed on U.S. exchanges are permitted to use IFRS.Already 120 countries use IFRS, and the European Union now requires all listed companies in Europe (over 7,000 companies) to use it.

b.The adoption of IFRS by U.S. companies would make it easier to compare U.S. and foreign companies, as well as for U.S. companies to raise capital in foreign markets. Multinational corporations, corporations willing to make merges and acquisitions may benefit from using International Accounting Standards. GAAP is more detailed or rules-based. IFRS tends to simpler and more flexible in its accounting and disclosure requirements. The difference in approach has resulted in a debate about the merits of principles-based versus rules-based standards.

c. To date, the feedback indicates that U.S. constituents generally are not supportive of full adoption of IFRS for a variety of reasons, including legal issues and general cost-benefit concerns. U.S. constituents have also raised similar issues with respect to an option to adopt IFRS. These issues include legal impediments, practical challenges, and an impact on comparability that does not currently exist in the domestic reporting environment.