Problem:
The Financial Accounting Standards Board has undertaken several key initiatives to pursue the goal of convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Furthermore, the Board conducts several joint projects with the IASB, and works with the IASB on the short-term convergence project.
REQUIRED:
Discussed the efforts made toward convergence of the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP) on the revenue recognition area.