Required Reading:

Chapter 1 of the textbook INCLUDING the IFRS Insights (pages 29-34)

IFRS Adoption by country (https://www.pwc.com/us/en/cfodirect/assets/pdf/pwc-ifrs-by-country-2016.pdf)

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.)