Presently, the SEC does not allow for the use of IFRS In financial reporting of US domestic companies. a. Discuss the reasons (pros) why the SEC should consider adopting IFRS in the future. b. Discuss the problems (cons) that the SEC should consider in adopting IFRS in the future. c. Discuss the differences between US GAAP and IFRS in accounting for the following items: - Subsequent measurement of inventory - Subsequent measurement of property, plant and equipment - Research and development costs - Initlal recognition of convertible debt - Criterion for financial statement recognition of a contingent liability