Option #1: Revenue RecognitionIn recent years, the FASB and the IASB reached convergence on revenue recognition, an important accounting subject. You should research how the convergence process evolved on this subject before both standard setters eventually issued their respective standards. An online search will yield quite a bit of history and debate that occurred on this accounting subject between both the standard setters and feedback from the public including publicly-listed firms. Also, visit the FASB and the IASB websites for information related to the convergence process on this accounting subject.Specifically address the following questions in your Word document submission. Copy and paste each question, below, in bold type, followed by your answer to each item.In a few paragraphs, summarize the convergence process on this subject. How long did it take? Was it contentious and, if so, why? What were the areas of disagreement as the convergence process developed? Once the standard setters converged, which side went further than the other, in your opinion, to make the converged standard a reality?In your opinion, did the FASB and the IASB reach convergence on this accounting subject in the issuance of their respective new accounting standards?If no convergence was reached, what are the major differences that still exist on this accounting subject between the FASB and the IASB? Be specific in identifying any major differences that still exist including but not limited to the potential impact on reported revenues and net income.How did the differences between rules- and principle-based standards influence the debate (and ultimately the final standard) issued by both standard setters, in your opinion?Once the new accounting standard is implemented by companies around the world in the future, will we really be able to compare Company A in Industry Z reporting under IFRS to Company B in Industry Z under the US GAAP? Explain in detail why or why not, justifying your opinion with specific details. You can even pick a specific company in a specific industry, if you wish, in preparing your answer to this question.Is either standard setter still working on the implementation of the converged standard? If so, what are two key implementation matters which are still being developed with regards to the new standard?After doing your research for this assignment option, how has your opinion of convergence—the process, the goals, and the results to date—changed? Explain in detail.Your submission should be 5 pages in length double-spaced (not including the required cover page and reference pages). Submissions more than 6 pages are acceptable.Format your submission according to the APA Format Be sure to discuss and reference concepts taken from the recommended and required readings this week and from your own relevant research. You must include a minimum of three credible academic or professional references beyond the required or recommending readings.Review the grading rubric to see how you will be graded for this assignment. It is a good idea to copy and paste each one of the questions into your paper in bold type to ensure that you have answered each one of the assignment requirements.