the memo that presents arguments and conclusions about the following issues

a Countries differ with respect to how they adopt IFRS. While some countries require all the public and private firms to use IFRS, others allow (rather than require) public companies to use IFRS. Which approach do you think makes more sense for potential adopters of IFRS? Why?

b. Discuss the importance of IFRS for the future of US companies? What are some of the important milestones achieved in the process of US GAAP-IFRS convergence? Is there a timetable for the adoption of IFRS by the US?

c. Why do you think that American retail firms would resist adopting IFRS? Be specific in terms of naming the relevant accounting topic and the related international accounting standard.