Problem:
The goal of the IASB and the FASB Framework convergence is to create a common conceptual framework of accounting standards. It is important to consider whether its development will meet the needs of users, Research the IASB and FASB frameworks and the Conceptual Framework Project.
Give an explanation of how the convergence and the Concept Framework Project impacts accountants. Explain at least one benefit and one drawback of the convergence of IASB and FASB.