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:
- Locate recently completed convergence projects. Using one of the recent projects completed, describe the similarities and differences in accounting under the international standards and the FASB standards.
- Discuss how the new standard will impact companies who use GAAP.
- Using the ARP company you chose in Topic 1, review the notes to the financial statements to determine if these standards have been adopted by that company and incorporated in the financial reports. If so, discuss any impact the company indicates is a direct result of conformity with the new standard.
- You must integrate at least two academic sources, in addition to the AICPA website and the IFRS website, in your discussion.
While APA style is not required for the body of this assignment, solid academic writing is expected, any documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.
This benchmark assignment assesses the following programmatic competencies:
1.1: Demonstrate an awareness of the audit requirements under U.S. auditing standards.
1.3: Demonstrate an awareness of the differences between ISAs and U.S. auditing standards.