While the world is getting globalized, so is Accounting.

In this context, I want to initiate a discussion here about this aspect of Accounting.

What is meant by IFRS? What is the convergence project? What are some differences between IFRS and GAAP. Cite a specific area and clearly show how this area of accounting is different.

What are your thoughts about the harmonization of global accounting standards? Pros and cons? You don't have to answer every question. You can pick and choose to answer one or more.

Your submission must be at least 500 words excluding citations.Please indicate your word count at the start of your submission.Failure to do so will result in loss of points.