International Financial Reporting Standards

write a 2–3 page paper addressing the following Topic: International Financial Reporting Standards. Use the rubric in the icon below to write your paper.

International Financial Reporting Standards (IFRS) are formulated by the International Accounting Standards Board (IASB), which is a body representing accountants and other interested parties from different countries.

While IFRS is not currently applicable in the United States, there is mounting pressure on the SEC to accept the standards in one form or another. MSF practitioners need to be aware of the growing influence of IFRS outside the United States. For example, foreign companies listed on U.S. exchanges need to reconcile IFRS-based numbers with U.S. GAAP.

The FASB is currently involved in a joint project with the IASB-called the “convergence” project-that aims to eventually eliminate all differences between the two sets of standards. Considerable progress has been achieved to date in this direction.

In terms of understanding competitiveness and collaboration in a global economy, research, explore, and discuss the “Norwalk Agreement” between the FASB and the International Accounting Standards Board (IASB). What are the key initiatives of the Norwalk Agreement to further the goal of the convergence of U.S. GAAP with International Financial Reporting Standards?

In a paper, discuss the joint projects being conducted with the IASB to address Revenue Recognition and Business Combinations.

You must use at least 2 peer-reviewed articles and adhere to APA format.