Question 1: Is there a plan for GAAP to transition to IFRS? If so what is the timeline?
Question 2: What would you consider GAAP a rule based or principle based system?
Question 3: Valuation issues are a concern. Another valuation issue would be do you record assets at their historical costs or their FMV?
Question 4: Hans Hoogervorst, the incoming chair of the International Accounting Standards Board believes that the "IASB's accounting standards are the only way to unleash the full potential of a truly global" market (Financial Executive, 2011). Do you agree or disagree with this opinion? Why or why not?
IFRS YES, NO, MAYBE. (cover story). (2011). Financial Executive, 27(8), 39-43