The SEC has several reporting choices. It can require that U.S. companies use U.S. GAAP in their financial statement filings. Alternatively, the SEC can require or allow U.S. companies to use IFRS in their financial statement filings. Many issues and complexities surround the use of IFRS.
Required:
Identify and discuss three of the potential problems to be considered by the SEC in deliberating this proposal.
Note: Six issues are discussed below. Three should be selected and discussed.

Question

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The Answer of The SEC has several reporting choices. It can require that U.S. companies use U.S. GAAP in their financial statement filings. Alternatively, the SEC can require or allow U.S. companies to use IFRS in their financial statement filings. Many issues and complexities surround the use of IFRS.
Required:
Identify and discuss three of the potential problems to be considered by the SEC in deliberating this proposal.
Note: Six issues are discussed below. Three should be selected and discussed.

The SEC Has Several Reporting Choices