In the interactive lecture materials for this module, you read articles and materials and watched various videos, which described the history of the convergence process between the US GAAP and IFRS, including the status of convergence today. You also reviewed readings showing the differences that still exist today between US GAAP and IFRS on various accounting subjects. Below is a list of some particularly significant accounting topics or subjects where differences still exist today between the US GAAP and IFRS: inventories goodwill and other intangible assets contingencies accounting for income taxes including uncertainty in income taxes impairment of long-lived assets to be held or used or to be disposed of by sale research and development development expenses. Select one of the above accounting subjects, preferably a subject personally or professionally interesting to you, and answer the following questions related to that topic in your initial response. Copy and paste each question below in bold type in your initial response to ensure that you answer each question. The subject line of your initial posting should be the accounting subject you have decided to address (for example: Inventories): Briefly explain the reason this subject was of interest to you. Describe, in an appropriate level of detail, the major differences that exist today between US GAAP and IFRS for that subject. Research if any progress has been made to date on converging the accounting and/or the 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. 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 US GAAP and IFRS. State your opinion on whether you believe the FASB and the IASB eventually will reach convergence on this subject, and why or why not. Include an explanation of your opinion and what might be some other considerations preventing or delaying convergence on this subject.