The text discusses the many organizations involved with international convergence activities, including the IASB, EU, and IFAC.

Required:

a. Compare and contrast these three organizations in terms of their standard-setting procedures.

b. At what types and sizes of enterprises are their standards primarily directed?

c. Briefly critique the following statement: Acceptance of international accounting standards (accounting principles, disclosures, and auditing), as far as it has come and is likely to come in the near future, is significantly centered in companies.