Breach of ContractJohnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000.   Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer open for two weeks.   A week later Johnny sees another car he would rather buy. He purchases that, and then he tells Mark that he is revoking his offer.  Two days after that Mark said: “I’m sorry Johnny you made an offer in writing to buy my car. I’m going to hold you to that.”  Johnny replied: “Sorry I cannot do that.  But I will promise to pay you $10,000 for the help you gave me last year around the house.”   Somewhat mollified Mark accepts.  A week later and Johnny decided to renege on that promise as well.  Fed up. Mark sued Johnny for breach of contract on both the promise to buy the car and the promise for the $10,000.Discuss whether the elements of a contract are satisfied in this case.

In the Interactive Lecture materials for this module, you will review the history of the convergence process between the US GAAP and IFRS, including the status of convergence today. You also will review readings included in this module showing the differences which still exist today between the US GAAP and IFRS on various key accounting subjects. Below is a list of some particularly important or significant accounting subjects where differences still exist today between the US GAAP and IFRS: inventoriesgoodwill and other intangible assetscontingenciesaccounting for income taxes including uncertainty in income taxesimpairment of long-lived assets to be held or used or to be disposed of by saleresearch and development ‘development’ expensesstatement of cash flows and discontinued operationsinvestments in debt and equity securities Select one of above accounting subjects (or one of your own accounting subject choices not listed above), preferably a subject of personal or professional interest to you, and answer the following questions related to that topic in your initial response. Copy and paste each question below in bold type in your initial response to ensure that you answer each question in your initial response. The subject line of your initial posting should be the accounting subject you have decided to address (for example: Inventories): Briefly explain the reason this accounting subject was of interest to you;Describe in an appropriate level of detail the major differences that exist, today, between US GAAP and IFRS for that subject;Research if any progress has been made to date on converging the accounting and/or financial reporting for that subject between the FASB and the IASB. If so, describe the progress, and if not, describe why progress has not yet been made, either from your research or in your opinion, or both;Provide the class with a specific and detailed computational-based example of how the differences in the accounting and financial statement treatment of this subject could potentially affect the comparability of both the balance sheet and the income statement prepared under US GAAP and IFRS; andState your opinion if eventually the FASB and the IASB will reach convergence on this subject or not, and why or why not, including an explanation of your opinion and what are/may be some other considerations preventing or delaying convergence on this subject.