The SEC has made formal statements announcing its intention of adopting IFRS (

The SEC has made formal statements announcing its intention of adopting IFRS (International Financial Reporting Standards) within the near future. Currently a
final decision on this matter is slated for 2011 and the timeline for adoption is for American companies to begin using IFRS by 2014 with some companies
potentially adopting as early as 2010. The approach FASB is taking to prepare for this change is one of convergence. In other words FASB and the IASB (International Accounting Standards Board) are
currently updating US GAAP and IFRS to reflect and complement each other. Recent changes to US GAAP under this convergence approach have been made to areas
such as non-monetary asset exchanges recognition of expenses associated with stock options and consolidations. More such changes are current being discussed
and are slated for future adoption. Although convergence is generally seen as a good thing in the US many accountants in other countries are unhappy with the level of resources the IASB is
devoting to IFRS/US GAAP convergence. These groups are of the opinion that these resources would be better spent improving and refining current IFRS standards
for the benefit of countries who have already adopted IFRS. While such grumblings in and of themselves are unlikely to prevent US adoption of IFRS this is an
important reminder that as American accountants we are joining a global community and we need to understand that these new IFRS standards apply to all
countries and not simply our own. I have provided several resource links for your convenience. You may use additional resources to conduct your research to answer the following questions: In your opinion what are the benefits of switching to IFRS? What are the possible negatives?