The U.S. Securities and Exchange Commission (SEC) roadmap issued in 2008 may eventually move U.S. issuers to report under International Financial Reporting Standards (IFRS). Consider the following critical questions of such a move:
a. IFRS lack detailed rules when compared to U.S. GAAP. Shouldn't IFRS be further developed and improved before mandating them?
b. An effort is already under way to converge U.S. GAAP and IFRS. Why not just keep converging?
c. How will U.S. interests be protected if standard setting is the responsibility of a non-U.S. organization?
Required: As one who believes that U.S. companies should use IFRS instead of U.S. GAAP in their financial statement filings with the SEC, how would you answer each of the above critical questions? Your response should be approximately 2-3 pages in length and include reference page (2-3 pages does not include reference page)