This project has two parts. Part 1. There are several differences between U.S. GAAP and IFRS (International Financial Reporting Standards) when it comes to consolidation reporting issues. You are to write a discussion paper on the three areas noted below: Control Valuation of noncontrolling interests (NCI) Impairment test for goodwill The paper should set forth both positions (GAAP and IFRS) and discuss the differences and their implications. Please cite the section of the ASC codification from which US GAAP is found and the number of the IFRS/IAS standard from which they come. It should also include a discussion of any current exposure drafts or discussion papers, if any, on the topic. The IASB has a web site as do the Big 4 accounting firms that discuss international accounting standards. Deloitte has one called IAS-Plus that digests the substance of each international standard. The Blackboard site for the course provides you with a user i.d. and password to the ASC codification for the citations on U.S. GAAP. (If you are unable to enter Blackboard for the course, I will provide you with a user i.d. and password) Part 2. There are those who claim that if the United States had adopted IFRS at the time, we would not have had an ENRON or WorldCom scandal. They argue that principles based accounting, such as IFRS, is superior to the rules based system in the United States. Describe the differences between principles based and rules based accounting and recommend which one you think is better to use in the United States. Support your answer with reasons for choosing one over the other. Please note that the paper should not rely exclusively on any information on the topics found in the text we used for the course but should include material from other sources. Much has been written on the debate between principles and rules based accounting and a search of the Library databases, such as ABI Inform, should lead you to articles on the topic. Remember to attribute a citation to statements made by others that you use in your paper. For example, if you extract comments from an article in 2010 by Jones, you should provide a citation in the body of the paper, i.e. (Jones, 2010) and provide the full title, author, and source in either a footnote or bibliography at the end of the paper.