GAAP and IFRS differ-Why?

The FASB and IASB have been working on these differences for some time. What are the history, status, difficulties and future of these efforts What is happening at the SEC

Your papers should be in the proper formal presentation regarding format, footnotes, etc. You WILL be graded (lost points) for grammar, spelling, logic, and format errors. Please use 1 title page, 5 pages of content, and 1 page of footnotes and citations. Paper should be single spaced in 12-point font.

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GAAP and IFRS differ-Why?
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Point assignments for the paper:
Introduction: 5-points
Content: 75-points
Conclusion: 5-points

Content: Point assignments (75 points from above)

10 points: US GAAP Define and explain who decides the rules (Govt or )
10 points: IFRS -Define and explain who decides the rules (Govt or )
20 points: History of convergence
20 points: Status and difficulties of convergence
5 points: Future of convergence
10 points: Your predictions (and why)