As you know, the Financial Accounting Standards Board (FASB) created the Financial Accounting Standards Codification (ASC), which significantly changed the way accounting academics and practitioners research GAAP.“The FASB had three primary goals in developing the Codification:1. Simplify user access by codifying all authoritative US GAAP in one spot.2. Ensure that the codified content accurately represented authoritative US GAAP as of July 1, 2009.3. Create a codification research system that is up to date for the released results of standard-setting activity” (FASB Accounting Standards Codification 2014. About the Codification, (v 4.9) (p 5).UMGC purchased a subscription for you to access the FASB ASC. Login instructions are located in Content>Learning Resources>FASB, GASB, COSO. Note: the login credentials change annually, thus you will lose access to the “Professional view.” I have found the Basic View offers almost as much information as the Professional View. For future reference, click here to create a Basic View subscription to the FASB ASC.In addition to U.S. financial accounting standards, the International Accounting Standards Board (IASB) issues International Financial Reporting Standards (IFRS). For many years, FASB considered full adoption of IFRS, but decided against IFRS adoption in 2002. Instead, the FASB and IASB agreed to “converge” GAAP and IFRS accounting standards, which is referred to as accounting standards convergence.Required:Read the very brief Norwalk Agreement to fully understand the agreement between the FASB and the IASB.What does accounting standard convergence mean in this context?As of today, which countries have adopted IFRS? Which, if any, countries are on the verge of adopting IFRS?Create a list of FASB accounting standards that have been converged with IFRS. State the FASB topic name and ASC number (ex. Standard topic name: ASC XXX-XX-XX-X).Which FASB accounting standard(s) are next in line to converge with an IFRS standard?To answer this last question, you need an understanding of the difference between a rules-based and principles-based accounting system. Investopedia provides an adequate explanation in this article: How Are Principles-Based and Rules-Based Accounting Different?Which system does FASB prefer?Which system does IFRS prefer?How does convergence impact FASB’s and IFRS’ preferences?