research examining some aspect of financial accounting theory that is currently being debated in the accounting and business world. 5 pages

1. Historical development of financial accounting theory.

2. Current GAAP.

3. Compare and contrast U.S. GAAP and IFRS in respect to your topic.

4. Suggested changes or problem areas revealed in the debate arena.

5. Analyze points 2 and 3 in relation to the Conceptual Framework (include qualitative characteristics of useful information).

6. Suggest appropriate courses of action.