create your own example of a transaction or set of transactions that are treated differently under GAAP vs.IFRS

In the United States, the Financial Accounting Standards Board (FASB) is responsible for developingthe Generally Accepted AccountingPrinciples (GAAP) applied in financial accounting. However, in mostother countries (Ireland,France and the United Kingdom, for example) a different set of accountingprinciples called International Financial Reporting Standards (IFRS) are used and developed by theInternational Accounting Standards Board (IASB).In order to learn more about the IASB and IFRS,you will research and write a paperas part of thecurriculum for this course. This will solidify your understanding of GAAP, as well as build backgroundknowledge you can use when meeting and asking questions to the presenters at the IASB.The requirements of the paper are as follows:1.Provide a brief history of the FASB and IASB, as well as GAAP and IFRS2.Research existing differences between GAAP and IFRS, and select onedifferenceto describe indetail.3.Related to the difference you selectin #2 above, create your own example of a transaction or set of transactions that are treated differently under GAAP vs.IFRS 4.Provideexamplejournal entries, as well as a partial balance sheet/income statement/statement ofcash flows to highlight the difference in financial accounting treatment of your transaction-#4 above for all 3 of those differences.The paper shouldbe6 to 12pageslongdouble-spaced,12-point TimesNew Roman font,1” marginsand is due June7, 2019.You are welcome to research with your classmates,but every student is responsible for selecting their own topic, creating a unique transaction, and writingtheir own paper that will be checked for plagiarism usingBlackboardSafeAssign.The following resources should be helpful for your project:-EYpublication: “US GAAP versus IFRS: The basics”–posted on Blackboard-IASB and IFRS:http://www.ifrs.org/Pages/default.aspx-FASB and GAAP:http://www.fasb.org/homeYou are also encouraged to get creative with your research and access other resources, such as academicresearch(http://scholar.google.com), interviews with financial accountants and/or academics,and SECfilings (https://www.sec.gov/edgar.shtml).You can also incorporate anything relatedthat you learn duringour business visits in Europe.Be sure to cite all of your sources.