Research Paper: International Financial Reporting Standards and its Impact on Management Decision Making

Write a paper between 10 and 12 pages in length explaining how the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) will work together (converge) to develop International Financial Reporting Standards (IFRS). State the facts and identify differences between the methods. Explain why this is needed in a global economy. How will IFRS affect businesses? Discuss how the convergence will impact decisions made by management. This paper will not only reveal your understanding of accounting as it is currently but also what it will be under IFRS. The paper will demonstrate your writing and critical thinking skills. Include a cover page, a reference page, and format everything using APA 6th ed. guidelines. Use credible sources (not Wikipedia, Investopedia, or blogs).