Question: What is Convergence, Why is it Important, and How Does it Fit into the FASBs Mission? What Does International Convergence of Accounting Standards Mean? (You

What is Convergence, Why is it Important, and How Does it Fit into the FASBs

Mission? What Does International Convergence of Accounting Standards Mean? (You can find these answers on FASB.org). Based on the company you have selected for your Group project (exam II), please discuss how the new Revenue Recognition and Lease Accounting Convergent standards, and/or IFRS standards, differ from US GAAP. Also, discuss the effect these new standards will have on the company you selected for your Group Project.

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