Your project will need to be submitted as one MSWord document. If you use Excel spreadsheets to answer the questions, please copy and paste them into your Word document. You can only submit ONE document for the Portfolio Project, so all of your work needs to be contained in that one document. Please make sure to clearly label your answers and use APA for formatting and style as required. The paper should be 8-10 pages in length. For each of the two parts, discuss and cite at least two credible outside sources other than the assigned textbook. PROBLEM The main focus of this course is to understand rules in International Accounting. One such focus is to understand the major differences in US GAAP and IFRS (International Financial Reporting Standards). The portfolio project is divided into two parts; provide detailed responses to both parts of the project. Part I 1.Provide a detailed history of the convergence project between US GAAP and IFRS. 2. Discuss in detail the major differences between US GAAP and IFRS applications. 3. Provide a list of countries that have adopted IFRS and how cultural differences can impact interpretation of IFRS. Part II 1.Explain Transfer Pricing in detail. 2.Provide a detailed example of how Transfer Pricing can be used successfully by Multinational Corporations. 3.Please discuss in detail various methods of translating foreign currency financial statements.