Response to the following questions:
1. The SEC released for public comment a proposed road map for adoption of IFRS by public companies in the United States. What were the serious concerns?
2. Describe the Norwalk Agreement.
3. The SEC announced that it would accept financial statements from private issuers without reconciliation to U.S. GAAP if they are prepared using IFRS, as issued by the International Accounting Standards Board. Comment on possible problems with this position.