Question: Sandy: Do you know if standards between the IFRS and U.S. GAAP have converged? Lori: No, I dont know if the standards have converged but

Sandy: Do you know if standards between the IFRS and U.S. GAAP have converged?
Lori: No, I don’t know if the standards have converged but I think the two are almost identical.
Sandy: Is there a way we can quickly check the differences?
Lori: Let’s investigate!

Required:

Use a secondary source (e.g., firm website/ publication) to investigate IFRS vs. U.S. GAAP differences as of 2016. Prepare a report that lists and summarizes five differences between the two sets of standards. Be sure to include the respective standard’s numbers (e.g., IAS 2 and ASC 805) and cite your source.

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