For this assignment, assume you are a CPA researching and making recommendations to your clientregarding revenue recognition methods. Choose a specific client, (e.g., manufacturer, retailer, restaurant,etc.) for this assignment.Make sure your assignment includes recent exposure drafts from FASB and IASB. The most recentinformation may be found on the FASB Website at https://www.fasb.org/home.Write a three to four (3-4) page paper in which you:
1. Evaluate the risks of moving from rules-based accounting standards process to principles-basedprocess related to revenue recognition.
2. The principles for revenue recognition will impact some industries more than others. Evaluate theindustries most likely to be impacted by the converged accounting guidelines in this area andsuggest how these changes should be communicated to shareholders.
3. Assess whether or not the convergence solution is preferred over the pure IRFS principle. Support your position.
4. Assess the impact to a company's profitability when adopting the new accounting rule and how shareholders are likely to react to the change.
5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and otherWebsites do not quality as academic resources.
Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on allsides; citations and references must follow APA or school-specific format. Check with yourprofessor for any additional instructions.Include a cover page containing the title of the assignment, the student's name, the professor'sname, the course title, and the date. The cover page and the reference page are not included inthe required assignment page length.The specific course learning outcomes associated with this assignment are:Analyze the financial principles and concepts related to equity and revenue.Use technology and information resources to research issues in financial accounting andreporting.Write clearly and concisely about financial accounting and reporting using proper writing mechanics.