What is the significance of the SEC’s move toward accommodating Intern

QUESTION

What is the significance of the SEC’s move toward accommodating International Financial Reporting Standards?

What will be an ideal response?

ANSWER

Answer: By moving toward this international accounting standard, the SEC is moving the United States and, in fact, the world toward one set of international standards, which will make it easier for investors to compare companies in different countries and also make it easier for companies in all countries to potentially report higher earnings.
Explanation: By moving toward this international accounting standard, the SEC is moving the United States and, in fact, the world toward one set of international standards, which will make it easier for investors to compare companies in different countries and also make it easier for companies in all countries to potentially report higher earnings.