The SEC Has Several Reporting Choices

question 81

Essay

The SEC has several reporting choices. It can require that U.S. companies use U.S. GAAP in their financial statement filings. Alternatively, the SEC can require or allow U.S. companies to use IFRS in their financial statement filings. Many issues and complexities surround the use of IFRS.
Required:
Identify and discuss three of the potential problems to be considered by the SEC in deliberating this proposal.
Note: Six issues are discussed below. Three should be selected and discussed.

Know the principles of contribution among insurers.

Distinguish the contractual nature of insurance policies and the principle of utmost good faith.

Learn about the doctrine of indemnity and its implications on insurance claims.

Understand rights and obligations under disability and life insurance policies.

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Definitions:

Social Norms

The unwritten rules that dictate the acceptable behavior within a society or group, influencing individual behavior and social interactions.

Identity Aspects

Various characteristics or features that make up an individual's sense of self.

Erikson

Erik Erikson, a developmental psychologist known for his theory on the psychosocial development of humans.

Gender Roles

Socially constructed roles, behaviors, activities, and attributes that a given society considers appropriate for men and women.