Problem - Prepare a Memo:
You are a staff accountant for a large multinational enterprise. Your supervisor has been tasked with preparing an analysis of the effect a shift to International Financial Reporting Standards in the United States would have on your company. He has delegated several key components of his analysis to you and your fellow accountants. He has tasked you, specifically, with aiding in helping him to understand the origin and development of global financial reporting.
Prepare a memo that includes the following:
• Identify at least three factors leading to the push for global financial reporting standards and explain, in detail, how global standards serve as a resolution.
• Discuss the development of the IASB and the IFRSIC and summarize their roles.
• Briefly discuss the experience another country had when adopting IFRS.