Chapter Questions
Distinguish between harmonization, standardization, convergence, adoption and EU endorsement.
Using the reconciliations of this chapter and the information in Chapter 2, comment on the adjustments necessary when moving from German or UK to US or IFRS accounting.
Which sort of companies might wish to list on a foreign exchange? Is this practice increasing or decreasing, and why?
Discuss the high-level differences between IFRS and US GAAP. Is the SEC right to demand reconciliations of IFRS to US GAAP from foreign companies that are listed on US exchanges?
Explain the arguments for and against allowing the IASB and the FASB to compete in the provision of accounting standards. Which arguments are the stronger?