You have recently attended a conference on behalf of your manager. One speaker from a large bank, Mr. Stearns, stated: With the advent of international accounting standards, we now can easily com-pare the financial results of companies across borders when we are choosing high- quality companies to invest in. We no longer have to struggle with different accounting in different countries. Now, when we compare the “net income” line on an earnings statement from Japanese company with one from a British company, we can be confident that the net incomes are comparable because both companies are using IFRS.

Required:
Write a memo to your manager discussing the issues raised by this speaker.