Please answer the following.

1. What is IFRS?

2. What is the IASB?

3. What are the advantages of converting to IFRS?

4. What are the disadvantages of converting to IFRS?

5. Who is the Chair of the SEC and what is the position of the SEC regarding IFRS?

6. Compare IFRS to GAAP and describe the difference in reporting the following items:

a. Compensation of key management

b. Accrued expenses. Inventory. Impairment of long-lived assets

(1 to 2 pages long)