Please respond to the below statement! Include references (APA7) used. Thanks!

"Should the US continue to work for convergence of US GAAP and IFRS? Why or why not? The GAAP rules is based it is a risk a reward model it has been used for a long time with accounting professionals and would be difficult to try to format with a new system in financial accounting. (Pologeorgis, N. 2022) The Gapp uses the revenue, balance sheet and item classification.

What do you perceive to be the biggest stumbling block in convergence and why? The companies have doubts about their policy standards were they would have to meet the stakeholders' standards. The global differences dealing with the economic, legal, social, environmental factors where it will take the time to implement a new system of accounting rules and standards across the board. (Pologeorgis, N. 2022)

Who needs to take the lead on convergence and why: FASB? SEC? Other? I would say that the FASB would because they help to approve the recording of accounting standards that lead to decision making for the investors and provides clarification."