Discussion 1
"SEC Reporting Requirements" Please respond to the following:
• Based on your review of the SEC reporting requirements as outlined in the Sarbanes-Oxley Act, assess the adequacy of the reporting requirements for providing credible financial and operating information for company stakeholders and potential investors, indicating any gaps identified in the reporting. Provide support for your rationale.
• From the e-Activity, suggest ways that these gaps may be addressed to increase the reliability of reporting requirements or minimize stakeholder and investor risk. Provide support for your recommendations.
Discussion 2
"GAAP versus IFRS Reporting Requirements" Please respond to the following:
• Assess how the GAAP and IFRS convergence project has impacted SEC reporting requirements, predicting the long-term impact of the convergence on reporting. Provide a rationale for your prediction.
• Evaluate the challenges for U.S. public companies to fully adopt IFRS and propose solutions to these challenges. Provide support for your recommendations.