1) Do you believe that private companies in the United States will embrace IFRS for SMEs? Why or why not?
2) Why are 3 years of financial statements affected by a switch to IFRS?
3) What are the mandatory exceptions and optional exemptions from full adoption of IFRS?
4) What do you think will be the most challenging obstacle to overcome on the road to conversion?
5) Why is a project management approach needed in order to ensure a smooth transition? Explain some of the key activities involved in this process.