You are required to:
• Evaluate the concept of convergence (in the context of
accounting standards), highlighting the general benefits and
limitations of the convergence of accounting standards.
•Discuss the adoption of IFRS in Europe, including the
consequences of the transition. Your discussion should also include
a discussion of the scope of IFRS1 – First-time Adoption of
International Financial Reporting Standards.
• Evaluate the process of the convergence of IFRS and US
GAAP, highlighting the need for such a convergence and providing
examples of success and setbacks in the process.
• Evaluate the converged standard, IFRS 15 – Revenues
from Contracts with Customers, contrasting it with the superceded
IASB standard, IAS 18 – Revenue.
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