1. Define and explain global accounting harmonization.
2. Define and explain the accounting standards convergence process
3. Where does the convergence process currently stand between IFRS and US GAAP on the accounting for these transactions?
4. Select any two transactions that are accounted for differently under IFRS and U.S. GAAP. What are these differences? Examples of problematic areas include discretionary reserves, goodwill, deferred taxes, inventory valuation, segmental information, asset valuation policies and hidden reserves. Discuss the ways FASB and the IASB are working to eliminate these differences.
5. Select one U.S. company that reports using IFRS. What financial reporting concepts, standards and disclosures are applied to its financial statements using IFRS? Submit copies of these financial statements if you choose to do so.

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