International Financial Reporting Standards
      1. What are international financial reportinng standards(IFRSs)?
      2. What is the process by which IFRSs are issued?
      3. What event accelerated the wide-spread adoption of IFRSs?
      4. Identify two significant differences between IFRSs and US GAAP.
      5. What are some of the reasons that the SEC is adovcating the move to IFRSs?
      6. What is the IASB, when was it formed, and why is its structure important?
      7. Why is each of the following important and how does each relate to the concepts of convergence and adoption?
        • Memorandum of Understanding (MOU) between the FASB and the IASB
        • The SEC Roadmap
      8. What are "rules-based" vs. "principles-based" standards?
      9. What is the current status of IFRS usage in the United States?

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