Answer these 2 questions, no essay just answer the questions *QUESTION 1 (300 wo

Answer these 2 questions, no essay just answer the questions *QUESTION 1 (300 words total) These materials cover the important issues of International Convergence and global accounting diversity and the differences between the U.S. GAAP and the International Financial Reporting Standards (IFRS). Once you reviewed and studies the files under STEP 3, you need to discuss the following questions with your classmates by posting your responses and then reply to their posts (similar to your previous discussion forums). Make sure to number your answers accordingly and don’t leave any questions unanswered: Questions: part1. Briefly summarize the GAAP and IFRS systems. *100words part2. Describe the main differences between the two systems. *100words part3. According to the material, why is it important (or is it?) to converge the existing global systems? In other words, do you think the convergence of global accounting systems is necessary? or could it be harmful? Why? *100 words *QUESTION 2 300 words total Questions: 1. How do you think the Corona Virus restrictions has affected the U.S. economy over the past two years? How about the world economy? Explain in your own words using what we have studied about global business in class. *100 words (everything’s is messed up, supply chains, gas prices ect,) 2. How has this “new normal” affected your economics personally? You don’t have to provide personal details if you don’t like to, but try to analyze it in a local level. *100 words (Disagree with vaccine mandate but got vac’ed anyways. disagrees with boosters and mask mandates) 3. Do you think the U.S. economy will bounce back to pre-pandemic levels quickly after the virus is mostly contained globally? Or would people’s buying habits change forever (such as buying online instead of in the stores; or working remotely vs in the office)? How about global trade relationships? Try to provide in-depth analysis or educated guesses as best as you can. *100 words (Shift towards online shopping)

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