Internal users of financial statements use the information to make key business decisions. Some common users include managers, employees, internal accountants, and executives.

DQ1 Internal users of financial statements use the information to make key business decisions. Some common users include managers, employees, internal accountants, and executives. Briefly describe one reason why one of these stakeholders would evaluate the financial information and provide at least one example to illustrate your ideas. Participate in follow-up discussion by providing additional reasons and examples that have not already been listed related to the stakeholders’’ evaluation of financial statements.

DQ2 As mentioned in Chapter 3 of the textbook, International Financial Reporting Standards (IFRS) are generally utilized by non-U.S.-based companies. Both IFRS and GAAP standards follow core principles, such as asset valuation, revenue recognition, and the matching principle. However, the standards may approach financial reporting differently. Review the “Why Global Accounting Standards?” page of the International Financial Reporting Standards (IFRS) Foundation website at https://www.ifrs.org/use-around-the-world/why-global-accounting-standards and select an item to summarize. As part of your post, provide an opinion on whether U.S. companies should converge to the global standards. Participate in follow-up discussion by trying to professionally persuade classmates who have a different opinion on convergence and why your logic is more appropriate for businesses.