International Financial Reporting Standards

Explore the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) Web sites, and complete the following:

• Explain what the IASB/FASB roadmap for convergence to International Financial Reporting Standards (IFRS) was set up to accomplish.
• Describe at least 1 project that is being explored with regard to the roadmap, and provide details about the objective and status of the project at this time.

Review the project summary for the conceptual framework project, and respond to the following:

https://www.iasplus.com/en/projects/completed/framework/framework-joint 

• What do you view as the key differences in this project?
• Provide your opinion on whether you believe that a single set of standards should be the goal of a global economy.
• What do you see as the benefits and barriers to the process?