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“IFRS Convergence” Please respond to the following:
- From the e-Activity, briefly compare the IASB and FASB in regards to the convergence process. Give your opinion on the reasons why a single set of accounting principles would be beneficial to corporations. Explain your rationale.
- Determine what you believe to be the major obstacles to the convergence process. Recommend two (2) strategies that the IASB could use in order to improve the convergence process overall. Justify your response.