Various accounting standard-setting organizations provide rules and guidance for the accounting function both within the US and in other countries. (For example, the Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), and the Security Exchange Commission (SEC).) Two key sets of standards that impact firms in the United States are GAAP (the US accounting standards) and IGAAP (also called IFRS), a global set of standards. These two standards are not the same. Identify at least three key differences between the two. Then share your opinion on whether you feel the two sets of standards should converge and why or why not.