You have been invited to join a roundtable discussion at the Securities and Exchange Commission. The topic is: Challenges that the accounting profession faces in a global marketplace. This is in reference to the various accounting systems and standards that exist throughout the world.
Prepare your opening comments for the roundtable discussion in 2-3 paragraphs. In your comments, include discussion of the following:
- What are the advantages and disadvantages of having a single set of accounting standards used worldwide?
- What are some of the major problems caused by worldwide accounting diversity for U.S. and multinational corporations?
- List the potential benefits that a multinational corporation could gain from having accounting standards harmonized internationally?