Debate on Adopting Us Gaap or Ifrs

What is "the way of the Plunderer"?

In the video, Ray Andersen, CEO of Interface Inc. (Interface is the world's largest commercial carpet maker; it revolutionized the modern office environment with its modular carpet tile products. The owner Ray Anderson had an environmental epiphany and reorganized his 1.4 billion dollar company, reducing its environmental footprint by one third.), compares his early management of Interface to "the way of a plunderer", stating:

* Took what's not his (environment)

* Used resources to his own benefit

* Not returned an equal benefit to society

* One day will come where people like him (a plunderer) will be sent in a jail

After he realized that this is a wrong way, Ray Andersen changed Interface Carpets' mission focusing on social and environmental sustainability. He understands that all of us must share in the positive and negative aspects of the environment, and shows this belief by empowering all of his employees to take part in the idea generation and decision making of leading Interface to several green goals as a corporation:

* Recycled used carpets into new material

* Converting sunlight into energy

* Zero scrap going to the landfill

* Zero emission into the ecosystem

"The Corporation": This video clip is included as part of the documentary film "The Corporation". "The Corporation" shows:

* Development of the contemporary business corporation

* Originally, a legal entity that originated as a government-chartered institution meant to affect specific public functions

* Now, the rise of the modern commercial institution entitled to most of the legal rights of a person.

Debate #3 -Canada should drop IFRS and adopt US GAAP

Affirmative:

1. Canadian business relationship with US

* 75 companies traded on NYSE

* Canadian subs of American companies must report using US GAAP

* Increase comparability among companies

2. Possibility for US to switch

* SEC has no concrete plan to switch yet

* Changing to IFRS will be expensive and time consuming

* Only SEC, big four firms, and few others are using IFRS

3. Weaknesses of IFRS

* Estimations and professional judgment required

* Increased opportunity of earnings management

* Increase

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