Research Paper, Revenue recognition under U.S. GAAP and IFRS comparison. Be sure to include the following core components concerning your theory topic. 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. 7. Provide a biblical application, supported by Scripture, in respect to your topic