It is January 1, 2020 and convergence has happened! Everyone around the world is using one accounting system developed by IFASB. You are so excited, you go to your mailbox and there is the annual Report for Kia Motors. You open up the annual report and It is written in Korean! You are shocked; you thought all the problems of international business were behind us with the global acceptance of IFASBl. Fortunately, you are the Chair of the IFASB and being the proactive person that you are you determined to get to the bottom of this situation. 3 People arrive with possible solutions to the situation. Froto Baggins, believes that statements should be done in English. He argued that the number of nations where English is spoken is greater than any other language, thus English is and should be the language of business and statements should be done in English. Ivan Gandoff, believes a new universal language should be created for business. He stated we took the best of everyones accounting to develop the IFASB so why not do the same with the language of the footnotes. Paris Hilton is a patriotic French lady and would hate to see her native language compromised. She feels the burden of learning another language should rest with the investor. If you want to invest in a French company learn French, if you want to invest in a Korean Company learn Koreanthis cost shouldnt be borne by the company but by the investor. REQUIRED: COME UP WITH YOUR SOLUTION TO THIS DILEMA AND WRITE 4 MEMOS: ONE TO THE OTHER MEMBERS OF THE IFASB WITH YOUR RECOMMENDATION AND ONE TO EACH OF THESE DISTINGUISHED PEOPLE INFORMING THEM OF YOUR DECISION AND DEFENDING YOUR DECISION COMPARED TO THEIR RECOMMENDATION