Referencing Styles : Harvard You are required to: • Evaluate the concept of convergence (in the context of accounting standards), highlighting the general benefits and limitations of the convergence of accounting standards.•Discuss the adoption of IFRS in Europe, including the consequences of the transition. Your discussion should also include a discussion of the scope of IFRS1 – First-time Adoption of International Financial Reporting Standards.• Evaluate the process of the convergence of IFRS and US G … View More You are required to: • Evaluate the concept of convergence (in the context of accounting standards), highlighting the general benefits and limitations of the convergence of accounting standards. •Discuss the adoption of IFRS in Europe, including the consequences of the transition. Your discussion should also include a discussion of the scope of IFRS1 – First-time Adoption of International Financial Reporting Standards. • Evaluate the process of the convergence of IFRS and US GAAP, highlighting the need for such a convergence and providing examples of success and setbacks in the process. • Evaluate the converged standard, IFRS 15 – Revenues from Contracts with Customers, contrasting it with the superceded IASB standard, IAS 18 – Revenue. Read Less