Read the case study “Daimler-chrysler” and answer the following:

Global convergence of accounting standards could eliminate the need for DC to maintain costly accounting systems under both IFRS and U.S. GAAP. Using current publications that address common differences between IFRS and U.S. GAAP (e.g.. comparisons published by Big 4 public accounting firms), identify which key differences between U.S. GAAP and IFRS reported in DC's 2005 and 2006 reconciliations ( Exhibits 3 and 4) were eliminated as a result of FASB and IASB convergence efforts. Comment on the IASB's new approach to convergence between U.S. GAAP and IFRS as envisioned in the IFRS Foundation's 2012 Annual Report (Prada. 2013 ).