1.Discuss the similarities and differences between the US GAAP and International Financial Reporting Standards (IFRS) and how they relate to three different industries. (250-300 words).
2. Search the Financial Accounting Standards Board (FASB) website (URL:https://fasb.org/home) and identify a recently issued financial reporting standard. Write a one-paragraph summary of and its principal provisions. Search “Project Activities” to identify the reporting issue with the most recent update. Briefly describe the issue and the action taken by the FASB. Discuss the accounting implications of this action as it would apply to three different industries.