Topic; IFRS vs. U.S. GAAP Comparison (secondary source/support) Sandy: Do you know if standards between the IFRS and U.S. GAAP have converged? Lori: No, I dont know if the standards have con- verged but I think the two are almost identical. Sandy: Is there a way we can quickly check the dif- ferences? Lori: Lets 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 differ- ences between the two sets of standards. Be sure to include the respective standards numbers (e.g., IAS 2 and ASC 805) and cite your source.