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Please answer the following two questions.1. Discuss the similarities and differences between the US GAAP and International Financial Reporting Standards (IFRS) and how they relate to three different industries. Cite the topic materials and outside resources to support the ideas presented. When replying to peers, provide additional examples that further compare and contrast these two sets of standards.2. Search the Financial Accounting Standards Board (FASB) website listed in the topic materials and identify a recently issued financial reporting standard. Write a one-paragraph summary of and its principal provisions. Search “Project Activities” to identify the reporting issue with the most recent update. Briefly describe the issue and the action taken by the FASB. Discuss the accounting implications of this action as it would apply to three different industries. Do not select a standard already addressed by your peers. In replies to peers, provide additional industry examples.3. RelevanceClass, in your own words, what does relevance mean to you? After tackling this topic, then research characteristics of relevance from an Accounting standards perspective and explain them to your fellow classmates. Prof. Ed

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