1.) Describe IFRS and GAAP and what convergence means.
2.) Analyze how convergence will affect public companies, accounting firms, and small and medium companies.
3.) Evaluate at least three significant differences and similarities between IFRS and GAAP and the impact these similarities and differences can have on financial statements.
4.) Recommend three ways companies can prepare for IFRS and GAAP convergence.
5.) Evaluate three potential risks of IFRS and GAAP convergence.