Question: Please write at least 2 paragraphs on each questions.
1) Do you think that "convergence" will be reached between US GAAP and IFRS on revenue recognition? Why or why not? What might be the areas of greatest difficulty to reach agreement?
2) Do you think that there will be more or less consistency in revenue recognition reporting under a "converged" set of rules? If the US adopts IFRS, will the principles-based revenue recognition standard increase or reduce the potential for material mis-reporting or fraud? Will comparability and transparency be improved or diminished?