$1.$ Distinguish between the terms $$harmonization$$ and $$convergence$$ as they apply to accounting standards.

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$2.$Compare and contrast the following proposed approaches for dealing with international differences in accounting, disclosure, and auditing standards: $(1)$ reciprocity, $(2)$ reconciliation, and $(3)$ international standards.

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$3.$ What are the key rationales that support the development and widespread application of International Financial Reporting Standards?

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$4.$ What are the key rationales against the development and widespread application of International Financial Reporting Standards?

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$5.$ What evidence is there that International Financial Reporting Standards are becoming widely accepted around the world? Do you believe that worldwide convergence of accounting standards will end investor concerns about cross$-$national differences in accounting practices? Why or why not?

$6.$Why is the concept of auditing convergence important? Will international harmonization of auditing standards be more or less difficult to achieve than international harmonization of accounting principles?