Required Reading: Chapter 1 of the textbook INCLUDING the IFRS Insights (pages 29-34) EY Introduction to IFRS (posted under Resources on Tracs) IFRS.org IFRS Adoption by country (https://www.pwc.com/us/en/cfodirect/assets/pdf/pwc-ifrs-by country-2016.pdf) Required Submission: After reading the above items, answer the following questions in complete sentences. Grammar, spelling and punctuation will be considered in grading. Your submission should be no more than TWO pages; use single spaced 12-point type. You may double space between each question. Number your answer to each question but do NOT copy the question on your assignment. This project MUST be submitted electronically as an attachment via the Assignments tab on TRACS. This assignment is due NO LATER than midnight on Wednesday, January 31, 2018. Early submissions are accepted; NO LATE assignments will be accepted for ANY reason. 1. What are IFRS? (1 pt.) 2. What does the IASB do? (1 pt.) 3. What accounting methods/versions are used by Mexico, Bolivia, Germany, Macedonia, China, and Republic of Congo? (1 pt.) 4. What are the advantages of converting to IFRS? (1 pt.) 5. Who are the key players in the U.S. regarding the development and adoption of IFRS? (1 pt.) 6. Discuss three benefits of a single set of high-quality accounting standards. (1 pt.) 7. Discuss the difference between a principles-oriented approach and a rules-oriented approach to developing financial accounting standards; which standards-setting board uses which approach? (2 pts.) 8. Give two examples of specific differences between IFRS and U.s. GAAP. (1 pt.) 9. Briefly indicate several reasons why it is important to learn about IFRS. (2 pts.)