IASB's main objective is to develop a set of high-quality standards (IFRS) for financial reporting worldwide. Critically examine the possibility of IASB's achieving this objective. In addition to your own insight, your answer should address the following questions.

1. How acceptable IFRSs are in the U.S. for: (1) domestic listed companies, (2) foreign listed companies, and (3) unlisted companies?

2. How acceptable IFRSs are in other countries? Tips: Use www.iasplus.com to search for Use of IFRSs by Jurisdiction, and identify the number of jurisdictions that require or permit IFRS versus those that do not permit IFRS.