Problem:
In recent years, there has been an effort to develop a common set of accounting standards for nations and firms doing business around the world. Discuss how the effort for a global set of accounting standards has increased the motivation or need to establish a global set of ethical standards. Include in your discussion the history of the 1) U.S. (AICPA) and 2) international ethical standards (IFAC). How are the U.S. and the international community developing a common set of ethical standards? What are some of the challenges faced by the two governing bodies?