The Convergence ProjectFind information regarding the current state of the Convergence Project and the major differences between GAAP and IFRS. Discuss the Convergence Project between FASB and IASB, and be sure to include the history, progress made, current status and future goals of the project.When conducting your research, identify and make note of five major differences between GAAP and IFRS. In addition to listing the differences, make notes regarding what has been done to minimize the differences (if any), and how the differences will affect United States companies if they are implemented.Finally, research the differences between principles-based accounting rules (IFRS) and rules-based accounting rules (GAAP) and form an opinion on what method is better.Your outline should be 1-2 pages in length (excluding title and reference pages) and include section headings, main points you will address in your paper, and at least two references on your reference page.