International accounting organizations. The International Accounting Standards Board and the International Federation of Accountants are actively involved in international standard setting.
1. Discuss the relationship between the IASB and the International Accounting Standards Committee Foundation.
2. Discuss how the focus of the IASB and the International Federation of Accountants are similar and different.
3. Discuss how U.S. GAAP and IAS differ with respect to the use of LIFO and the application of lower of cost or market as applied to inventories.