Case Scenario:
Research the efforts to converge US GAAP and IFRS since 2002. Some of the efforts include undertaking projects such as leases, revenue recognition, investments, inventory costing, nonmonetary exchanges, fair value calculation, and share-based compensation, among others. Select one of the projects completed, ongoing, or proposed.
1) Discuss efforts on the project.
2) Describe a brief summary of the project.
3) If already completed, discuss whether or not the selected project has improved accounting standards.