Events in the world of corporate finance during the past few years have shown the importance of transparent and accurate financial reporting by businesses. There are numerous methods for evaluating the financial well-being of a business. In this paper, you will review and evaluate the financial analysis tools available to business manager, investors, and government regulators.

Write a five to six (5-6) page paper in which you:

1. Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years.

2. Evaluate and describe the single most important difference between U.S. GAAP and IFRS rules, and explain your answer.

3. Analyze and summarize the main obstacles to convergence from both the U. S. and European accounting perspectives.

4. Analyze the balance sheet and income statement presentation methods that will be impacted the most by convergence, and explain why.

5. Evaluate and explain what types of business entities and accounting practices will be affected the most by convergence.

6. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.