Do you think the FASB should converge with IASB?

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Discussion Instructions:Design a codification search process for GAAP content of your interest (SEE Exhibit 1.7 in the etextbook). Ensure the search process specifically state the area, topic, subtopic, section (subsections) and paragraph. (50 words)Review the content area and discuss in detail the main pointers of the pronouncement reviewed. Ensure to simplify the content so that your readers can understand. (150 words)Do you think the FASB should converge with IASB? Choose a position, and argue for or against the convergence of U.S. GAAP and IFRS. Use substantial documentation to support your perspective. (200 words)Requirements:Minimum 400 wordsIntroduction: provide a brief summary of what you are discussingBody: respond to the discussion instructionsConclusion: share closing thoughts, what did you learn and the importance of the informationReferences: Provide the reference list based on APA guidelines

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