It's clear that the convergence of accounting standards between FASB and IFRS is a significant step towards global financial reporting consistency. As more nations adopt IFRS, multinational corporations face the challenge of aligning their reporting practices across diverse jurisdictions. This not only involves adhering to specific standards like ASC $606$ for revenue recognition and ASC $842$ for leases but also understanding the broader principles$-$based approach of IFRS. How do you think multinational corporations can effectively navigate these changes in accounting standards to ensure compliance and maintain transparency in their financial reporting practices across different countries?