Problem
In a thorough research paper on International Financial Reporting Standards (IFRS). The research paper should focus on the following:
a) A history of the International Accounting Standards Board
b) The purpose of IFRS - Present an overview of the key difference(s) between GAAP and IFRS
c) A brief history of the Norwalk Agreement of 2002
d) -Arguments FOR and AGAINST the outright adoption of IFRS in the United States
e) Arguments for the convergence of GAAP and IFRS
What is your opinion on an outright adoption of IFRS in the U.S.? Do you think it will be beneficial to the U.S. or damaging? Support your viewpoint by using research facts.