Your friend who is taking his first accounting course says to you, "We live in the United States. I thought that companies in the United States would follow U.S. accounting rules for preparing their financial statements. I also thought that foreign companies would follow international accounting rules. Now I hear something about the "convergence" of U.S. accounting rules and international accounting rules. And, I hear that the SEC is thinking about requiring U.S. companies to use international accounting rules for financial statements filed with it. What is going on and how will it be resolved?" (Explain the role of the International Accounting Standards Board (IASB) in establishing International Financial Reporting Standards (IFRS) and the efforts to try to converge accounting standards between the FASB and the IASB.) Prepare a memo that provides an in-depth answer to your friend's question.