Conduct research using Santa Fe’s library or the internet to find information regarding the current state of the Convergence Project and the major differences between GAAP and IFRS.
In your paper, discuss the Convergence Project between FASB and IASB, and be sure to include the history, current progress made, current status and future goals of the project.
Identify and write about three major differences between GAAP and IFRS. In addition to listing the differences between GAAP and IFRS, discuss what has been done to minimize the differences (if any), and how the differences will affect United States Companies if they are implemented.
Finally, research and discuss the differences between principles based accounting rules (IFRS) and rules based accounting rules (GAAP) and present your opinion on what method is better. Justify your opinion in your paper.