Task: Accounting does not exist in isolation and changes in counting roles and enforcement impact business organization on a global basis
Please assist in answering these questions and provide factual opinions with references.
1. How widespread are IFRS? What will happen to U.S. GAAP?
2. How has SOX (Sarbanes-Oxley) affected business organizations and the accounting profession? https://www.soxlaw.com/
3. What is the difference between a role-based and principle-based system?
4. Discuss Global Reporting initiatives, its purposes, the standard setting process and the use of its reporting system.
Here are some links that will assist you:
https://www.fasb.org/intl/convergence_iasb.shtml
https://www.globalreporting.org/Pages/default.aspx