Answer the following questions related to Inventories.
Copy and paste each question below in bold type in your initial response to ensure that you answer each question in your initial response.
1. Describe in an appropriate level of detail the major differences that exist, today, between US GAAP and IFRS for that subject;
2. Research if any progress has been made to date on converging the accounting and/or financial reporting for that subject between the FASB and the IASB. If so, describe the progress, and if not, describe why progress has not yet been made, either from your research or in your opinion, or both;
3. Provide the class with a specific and detailed computational-based example of how the differences in the accounting and financial statement treatment of this subject could potentially affect the comparability of both the balance sheet and the income statement prepared under US GAAP and IFRS; and
State your opinion if eventually the FASB and the IASB will reach convergence on this subject or not, and why or why not, including an explanation of your opinion and what are/may be some other considerations
