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 operating in multiple countries.”