Problem: Ask CPAs to name a top priority in the development of accounting standards, and some will answer, "Convergence." Many others, though, will say the quest for global standards has little relevance for them. But international accounting standards and U.S. GAAP increasingly influence each other, making it important for all CPAs to understand how FASB's conforming a U.S. GAAP standard to an international financial reporting standard (IFRS) can significantly affect American companies--whether or not they do business internationally.
Q1. Would the foregoing position assist or detract from your request to attend the conference? How would you present this position to the President?
Q2. Assume that the President focused on the "little relevance" comment - how would you respond?