1. In the 2000-2010 decade, there were two primary approaches under consideration for adoption as a basis for international financial reporting: GAAP and IFRS. Ultimately IFRS has become the dominant international approach. Many experts believe the scale tipped in favor of IFRS due to:

   		the IFRS commercial and tax law approach over the GAAP economic performance approach.
   		the stricter, more detailed, and easier to follow rule-based system of the IFRS.
   		to the different treatment of inventory under each system.
   		the accounting scandals at WorldCom, Enron, and other major companies that reported using the GAAP standards.

1. The development of the European and Asian money markets was driven mainly by:

   		governments in both areas wanting to facilitate transactions using their national currencies.
   		the development of an international financial entities like the World Bank and International Monetary Fund that needed tot develop these markets to perform their operations.
   		the growth of large U.S. firms in these areas that needed access to U.S. dollars in their international operations.
   		The United Nations efforts to improve quality of life in these areas by providing easier access to financial markets in impoverished regions.