Discussion Post
• Visit ifrs org website and familiarize yourself with the website. Locate the section on the website dealing with "Projects." Under Projects is a section "Current Work Plan." In your opinion, what is the most important area of focus we can expect to see from the IASB? Why?
• Various attempts have been made to reduce the accounting diversity that exists internationally. This process is known as convergence and is discussed in more detail. The ultimate form of convergence would be a world in which all countries followed a similar set of financial reporting rules and practices.
Task:
Consider each of the following factors that contribute to existing accounting diversity as described in this chapter:
o Legal system
o Taxation
o Providers of financing
o Inflation
o Political and economic ties
o Culture
Which factor do you believe represents the greatest impediment to the international convergence of accounting? Which factor do you believe creates the smallest impediment to convergence? Explain your reasoning.
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.