Convergence of U.S. GAAP & IFRS

Description

There have been numerous discussions on the need to converge U.S. Generally Accepted Accounting Principles (GAAP) accounting standards with International Financial Reporting Standards (IFRS). Using peer-reviewed sources, research this topic and address the following prompts: – Describe the pros and cons of convergence between GAAP and IFRS. – Provide recommendations on whether you agree or disagree on the proposal. – Support answers by stating the primary reasons for your conclusion