ACC 304 Week 8 Assignment 1 – IFRS and GAAP Convergence

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ACC 304 WK 8 Assignment 1 – IFRS and GAAP Convergence

Events in the world of corporate finance during the past few years have shown the importance oftransparent and accurate financial reporting by businesses. There are numerous methods for evaluatingthe financial well-being of a business. In this paper, you will review and evaluate the financial analysistools 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 convergencebeing 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 Europeanaccounting perspectives.4. Analyze the balance sheet and income statement presentation methods that will be

impacted themost by convergence, and explain why.5. Evaluate and explain what types of business entities and accounting practices will be affected themost by convergence.6. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and otherWebsites do not qualify as academic resources.