Discuss whether it makes sense for the US to review its decision. Think about some of the following,
- Impact on investor being able to see the same accounting being applied for similar companies across the globe.
- Impact on loss of ability to control the standards (i.e. The SEC stepped in and changed implementation of mark to market in the middle of the financial crisis to not cause more issues than were already happening. FASB alas has alot of power and would have to give up most of that..
- Use the european model of IFRS. Europe had not implemented all IFRS standards so they have a hybrid of standards
- Ease on auditors across the globe. when auditing different multinational companies.
Again, there are no right and wrong answers. The paper should be at least 2 pages double spaced.
Sample Solution