The value of international accounting standards has been discussed for a number of years, but with the increased global activity in business in recent history, the need for such has grown in importance. As you may have discussed in financial accounting courses or have seen in business news reports, the international standards [IFRS] have been in use by a number of countries, but not the US. The US has continued to report under GAAP, but the FASB is currently in process of the convergence of the two sets of standards, amid much debate, including the impact convergence may have on SEC reporting for US companies and the adequacy of the international standards in addressing complex issues.

Should the US move ahead with the convergence of GAAP and IFRS? Why or why not?