Your final project will require you to write a research paper on the Convergence Project and the major differences between IFRS and GAAP. This activity will help you start thinking about your research project by developing an outline that you can use to guide the writing of your final project.
Conduct research using the institution's library or the Internet to find information regarding the current state of the Convergence Project and the major differences between GAAP and IFRS. Discuss the Convergence Project between FASB and IASB, and be sure to include the history, progress made, current status and future goals of the project.
When conducting your research, identify and make note of five major differences between GAAP and IFRS. In addition to listing the differences, make notes regarding 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 the differences between principles-based accounting rules (IFRS) and rules-based accounting rules (GAAP) and form an opinion on what method is better.
Your outline should be 1-2 pages in length (excluding title and reference pages) and include section headings, main points you will address in your paper, and at least two references (other than your textbook) on your reference page. You can use the writing resources found on the left-hand tab in the course.
Your assignment must follow APA style guidelines, using Times New Roman, 12-point font, double spaced, with one inch margins.