The SEC has considered moving from GAAP to IFRS and made some forward movement on this in the recent past, especially with convergence in the revenue recognition rules and the leasing rules. Although this is not a current high priority for the SEC, convergence would be helpful to enhance financial reporting quality and comparability, as businesses move towards a more global approach. 

State whether you are for or against this proposed change from GAAP to IFRS, defending your position with at least three points.

Answer rating: 100% (QA)

I am for the proposed change from GAAP to IFRS and here are three points to defend this position bas... View the full answer