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APA format graduate writing paper2 or more referencesProper citations in paper that includes either page (p) or paragraph (para) numbersWords 600 – 800 wordsMust have an introduction and conclusionThis what the unit 4 and 5 IP tasks:Key Assignment DescriptionYou will identify a multinational company from Securities and Exchange Commission (SEC) EDGAR Web site that has inventory in their books. Prepare and present the company’s financial statements under IFRS. Complete the Impact Analysis chart based upon your findings in each unit for the subject company. Click here to download the Impact Analysis (IA) chart you will use.Create an analysis that will outline how the transition from the current US Generally Accepted Accounting Principles (GAAP) to the new Revenue Recognition pronouncement will impact the company you selected.The following pronouncements should be considered in your final analysis:IFRS 1: First-time Adoption of International Financial Reporting StandardsIFRS 9: Financial InstrumentsIFRS 13:Fair Value MeasurementIFRS 15:Revenue from Contracts with CustomersIAS 1:Presentation of Financial StatementsIAS 2: Inventory AccountingIAS 7: Statement of Cash FlowIAS 10: Events After the Reporting PeriodIAS 12: Income TaxesIAS 16: Property, Plant and EquipmentThroughout this course you will be updating the IA chart provided, noting specific changes you are making to the financial statement.This Week’s Assignment Details: due by early Friday mornLibrary Research Assignment:Part 1: Identify a multinational company from the Securities and Exchange Commission (SEC) EDGAR Web site that has inventory in their books. This will be the subject of your final analysis.Share a general overview of the company you selected.Describe the company.What products and services do they offer?Industry TrendsProvide an explanation for why you selected this company.Part 2: Use what you know about the history of IFRS to discuss the following:Looking back at the development of International Financial Reporting Standards (IFRS) and the convergence roadmap, discuss whether or not this is a step towards convergence.Consider the debate between principle-based versus rule-based pronouncement. Discuss whether or not the FASB is moving away from principle-based and rule-based pronouncement to a typical principle-based concept like the IASB. Support your opinion.