What is the status of the upcoming convergence to IFRS for the US?

The purpose of the Final Paper is for you to culminate the learning achieved in the course by describing your understanding and applying your knowledge and research in the field of accounting. Select one of the major topics listed below to analyze:

Accounting standards for business combinations: What is the history for accounting for business combinations? Identify and discuss the Financial Accounting Standards (FAS) that govern business combinations and consolidations? Evaluate the reasons for business combination including the advantages and disadvantages for both the acquirer and acquiree. Identify and discuss the financial and nonfinancial factors that should be considered by both parties. What are some acquisition tactics and defenses, i.e. leveraged buyout?
The use of hedging in relation to foreign currency transactions: Demonstrate a foreign currency transaction by providing an example. Evaluate the risks associated with foreign currency transaction. Describe hedging and how hedging is used to mitigate the risks of foreign currency transactions? Discuss the pros and cons of hedging.
Accounting for partnerships – Discuss the advantages and disadvantages of partnerships. Identify and discuss the Financial Accounting Standards (FAS) that govern accounting for partnerships including both creation, operation, and liquidation. What are the tax consequences of partnerships.
International accounting standards (IFRS) – Distinguish the general differences between IFRS and US GAAP. Identify and discuss the advantages and disadvantages of IFRS. Evaluate the need for a set of wholly accepted international standards. What is the status of the upcoming convergence to IFRS for the US? In relation to the topics covered in this course, business combinations and partnerships, how do IFRS and US GAAP differ and which set of standards are more advantageous to the entity? More advantageous to the investor or creditor

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