As an accounting professional, it is important to understand the historic develo

As an accounting professional, it is important to understand the historic development of accounting standards and specifically topics that are affected by the convergence of existing standards. As you have studied this week, the combined work of the FASB and the IASB has led to a standardized framework. Throughout the development of this framework, several areas of accounting have evolved. As you prepare for the Application, consider the historical development of the conceptual framework and how final assenting and dissenting opinions of rule-making boards impacted the development of the conceptual framework.
Select two convergence topics from the 2006 Memorandum of Understanding (and the 2008 progress report) and write a 2- to 4-page paper analyzing how the convergence of FASB and IASB rules or standards have developed to create to a common framework as outlined in the Conceptual Framework Project. In addition, include aspects of accounting theory that are being applied in the topics selected.