US GAAP & IFRS Convergence

This is a paper covering the topic of Convergence of US GAAP with IFRS and the corresponding effects on financial reporting practices in the United States.

The paper should include comprehensive discussion of the following:

a.) The Norwalk Agreement and resulting convergence project;

b.) Related literature review of the convergence project, its progress, advantages & disadvantages – for US compared to other countries that either directly adopted or converged to IFRS OR are in the process of adopting/converging to IFRS.Â

*Note: Direct Adoption & Converging are two different processes.

c.) The roles of FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board).

d.) The major projects under the convergence agreement – includng their initiation, past and present progress, advantages, disadvantages/challenges, etc.

**All of the above must also include good number of relevant references.

Â

This is paper requires a word count of 12,000-13,000 words; excluding any references and appendix.Â

Â

More detailed information of the paper structure will be provided after a bid is made and accepted.