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On December 31, 2015, Ms. Levine CPA, your manager and the treasurer of the U.S. division of the pharmaceutical company Meeack Corp. had just finished acquiring the United Kingdom drug company Zulu LLP, and, after utilizing her knowledge of the IFRS, realized the FASB and IASB designed a roadmap for convergence by 2015. She would like to know the reasons why the U.S. is not going to be converting to the IFRS by 2015.
Required:Using the SEC staff report issued in July 2012, take a position and then argue and support for your manager at least three reasons why you believe, or do not believe, that the SEC is correct in its position to delay convergence.
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