1. As you interview for and begin a full-time position in the accounting profession, what level of knowledge of issues related to international accounting (including IFRS) do you believe is expected of you by the accounting profession? Why do you think there is such an expectation?
2. Explain the advantages and disadvantages of establishing one set of accounting standards (IFRS) to be followed by all companies around the world.
3. Some people believe that U.S. companies should be given the choice of using either U.S. GAAP or IFRS instead of mandating IFRS. Do you think this would be a good idea? Why or why not?
4. Explain the difference between a rules-based and principles-based approach to accounting standard setting. Which model do you think helps better present financial position, results of operations, and changes in cash flows? Why?
5. What is meant by the "true and fair view" override? How and when might it be applied?