Choose an area of controversy within financial accounting. (Area of controversy is defined where there are at least two competing theories as to the appropriate approach for dealing with the issue.)

Acct 630--Term Paper 

Choose an area of controversy within financial accounting. (Area of controversy is defined where there are at least two competing theories as to the appropriate approach for dealing with the issue.)

Do a literature review as background in describing the competing theoretical views. Reference sources using APA style. For example, in the body of the paper cite the reference as (Watts and Zimmerman 1979). In the bibliography list only the references you cited in the paper.

Determine how the issue is currently being accounted for under GAAP and also according to IFRS (International Financial Reporting Standards) and critique these approaches from a theoretical basis. For example provide strengths and weaknesses of the approach.

Provide your opinion and justify it as to the best approach. You can provide reasons that are not limited to the theory, but you must justify whatever conclusions you reach.