What are the advantages and disadvantages of having a single set of accounting standards used worldwide?

You have been invited to join a roundtable discussion at the Securities and Exchange Commission. The topic is: Challenges that the accounting profession faces in a global marketplace. This is in reference to the various accounting systems and standards that exist throughout the world.

Prepare your opening comments for the roundtable discussion in 2-3 paragraphs. In your comments, include discussion of the following:

• What are the advantages and disadvantages of having a single set of accounting standards used worldwide?
• What are some of the major problems caused by worldwide accounting diversity for U.S. and multinational corporations?
• List the potential benefits that a multinational corporation could gain from having accounting standards harmonized internationally?

Please make this paper at least 2-3 paragraphs.

Please make this in APA format.

Please include a reference page and site sources within the paper.