Write a convergence memo (500-750 words) to the client discussing the current state of convergence between IFRS
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Question:
Write a convergence memo (500-750 words) to the client discussing the current state of convergence between IFRS and U.S. GAAP on revenue recognition. You may use the "Memo Template" provided. In your memo, be sure to address the following:
- Describe the similarities and differences in accounting for revenue recognition under the international standards and the FASB standards.
- Identify (in general terms) the possible impact on the financial statements of your specific company of changing from FASB to IFRS.
- How should these items be disclosed under IFRS and FASB?
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