2. The Financial Accounting Standards Board (FASB) sets theaccounting rules for public companies in the United States. Theseaccounting rules are known as Generally Accepted AccountingStandards (GAAP). The International Accounting Standards Boards(IASB) proposes international accounting rules. These rules areknown as International Financial Reporting Standards (IFRS). Therehas been considerable discussion concerning the possibility thatthe United States would replace GAAP with IFRS. Accordingly, do you think the United States should replace GAAPwith IFRS? Do you believe that IFRS will ever be an universallyaccepted set of accounting rules in the world? Please feel free tosearch the internet to support your position.
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