1. Briefly explain the reason this subject was of interest to you 2. Describe in an appropriate level of detail the major differences that exist today between the US GAAP and IFRS for that subject 3. Research whether any progress has been made to date on converging the accounting and/or financial reporting for that subject between the FASB and the IASB. If so, describe the progress, and if not, describe why progress has not yet been made, either from your research or in your opinion, or both 4. Provide the class with a specific and detailed computational-based example of how the differences in the accounting and financial statement treatment of this subject could potentially affect the comparability of both the balance sheet and the income statement prepared under the US GAAP and IFRS, and 5. State your opinion whether the FASB and the IASB will eventually reach convergence on this subject, and why or why not, including an explanation of your opinion and what are/may be some other considerations preventing or delaying convergence on this subject.