5. On the Income Statement, how are extraordinary items (gains and losses) reported under GAAP and IFRS? 6. How does the recording and reporting of Research and Developmental costs differ under GAAP and IFRS? Which method do you think is best and why? 7. How does reporting liabilities on the Balance Sheet differ under IFRS vs. under GAAP? 8. What is the difference in reporting the value of Fixed Assets under GAAP and IFRS? 9. How could you help someone understand what the convergence of GAAP and IFRS represents? Give at least three statements to describe what this is and what's been done so far to achieve convergence