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Write 5 pages essay on IFRS and GAAP Convergence in which:
1. Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years.
2. Evaluate and describe the single most important difference between U.S. GAAP and IFRS rules, and explain your answer.
3. Analyze and summarize the main obstacles to convergence from both the U.S. and European accounting perspectives.
4. Analyze the balance sheet and income statement presentation methods that will be impacted the most by convergence, and explain why.
5. Evaluate and explain what types of business entities and accounting practices will be affected the most by convergence.
6. Use at least three (3) qualify academic resources in this assignment.
Renegade Co. is a wholesaler of motorcycle supplies. Anaging of the company's accounts receivable on December 31,2008, and a historical analysis of the percentage of uncollectibleaccounts in each age category are as follows:
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Bremm repoted a net income of 210,000.00. Dividends of 70,000.00 were paid each of these two years. What is the equity method balance of Wilkerson investment at Bremm, Inc at December 31, 2009?
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