1. Should the US continue to work for convergence of US GAAP and IFRS? Why or why not?
2. What do you perceive to be the biggest stumbling block in convergence and why?
3. Who needs to take the lead on convergence and why: FASB? SEC? Other?

IFRS is International Financial Reporting Standards which is a non-profit corporation located in Delaware. IFRS Accounting Standards is a company is how a company prepares to set out their financial statements. Their standards can help or hinder a company in creating value when disclosing information. GAAP is Generally accepted accounting principles is who sets the approved accounting methods and practices for accounting. IFRS is more for international accounting standards. There are more than 144 countries that use IFRS. For GAAP if a company distributes their financial statements outside of their organization, they must follow the GAAP. The GAAP addresses the revenue, balance sheet, item classification and shares (Ross, 2021). The point for IFRS is to help maintain stability with individual investor and helping them make decisions. So, yes, I feel the US should continue to adapt to the convergence approach. 2. Companies that may want to follow the IFRS may have their doubts about their policy standards that the US has. They would need to meet their stakeholders' standards as well. 3. I think the one that should take the lead should be FASB Financial Accounting Standards board because they set accounting standards as well and it helps to improve the reporting standards that leads to decision making for the investors. They have a goal of improving the quality of financial reporting in the US while advancing global comparability of financial reporting (Financial Accounting Foundation, 2022).

Do you agree with my answer above? Please explain