Write a 2 to 4 page research paper on the Convergence Project and the major differences between IFRS and GAAP.
Submit your paper to the submission area here in the online class.
REQUIREMENTS:
Conduct research using the library or the internet to find information regarding the current state of the Convergence Project and the major differences between GAAP and IFRS.
In your paper, discuss the Convergence Project between FASB and IASB, and be sure to include the history, current progress made, current status and future goals of the project.
Identify and write about three major differences between GAAP and IFRS. In addition to listing the differences between GAAP and IFRS, discuss what has been done to minimize the differences (if any), and how the differences will affect United States Companies if they are implemented.
Finally, research and discuss the differences between principles based accounting rules (IFRS) and rules based accounting rules (GAAP) and present your opinion on what method is better. Justify your opinion in your paper.
EXPECTATIONS:
Your paper must be a minimum of 2 pages, with about 3-4 pages expected (but could be longer).
Your paper must be formatted using APA format (double space, 1" margins all around, etc. A sample paper is posted in the Files section of Canvas for content/formatting reference.
You MUST use at least three sources. Your textbook is allowed. Wikipedia, Blog sites, and other non-academic sites are NOT Permitted.
Begin your research with www.fasb.org (Links to an external site.) and www.ifrs.org (Links to an external site.) and Chapter 6 of your text (pg. 260)
Double check your work for proper grammar, spelling, and sentence structure.
Your paper must be completed using Microsoft Word. Use a title page that includes your name, the class and section number.
DO NOT plagiarize your work. You MUST write your own paper. Make sure you credit all sources. Limit direct quotes to less than 15-20 words. Paraphrase main points with proper citations.
Refer to https://owl.english.purdue.edu/owl/ (Links to an external site.) for information on properly formatting your paper and incorporating research citations using APA format.