Question: 1. Identify the major players in the United States' conversion to IFRS and explain their roles.
2. List at least 3 major obstacles US companies will encounter as they move towards and convert from US GAAP to IFRS. Elaborate on why they are obstacles and what strategies could be employed to overcome them.
3. Explain the main differences between US GAAP and IFRS and what these changes will mean to the readers of the financial statements (at least 4 differences).
4. What will be some of the advantages and drawbacks for US companies will experience in converting to IFRS? What will be some of the advantages and drawbacks for the users of these financial statements? What opportunities will be presented for both preparers and users?