In the statement of “goodwill and other intangible assets” differences still exist today between the US GAAP and IFRS. please answer the following questions.

1. Briefly explain the reason this subject was of interest to you and describe in an appropriate level of detail the major differences that exist today between the US GAAP and IFRS for that subject
2. Please explain the underlying rationale behind the difference between GAAP and IFRS? Why would we have a different set of standards and not agree on how to account for something? Does one set of standards favor corporations or individuals? Does one standard provide certain benefits that the other standard eliminates or reduces? Try to understand why the rule makers would make up different sets of rules. Also consider which policy is more conservative and better conforms to the conservative principle in accounting.
3. Research whether any progress has been made to date on converging the accounting and/or financial reporting for that subject between the FASB and the IASB. Are we any closer to the US standards and the International community’s standards reaching an agreement on how to account for the topic? If so, describe the progress, and if not, describe why progress has not yet been made, either from your research or in your opinion, or both
4. State your opinion whether the FASB and the IASB will eventually reach convergence on this subject, and why or why not, including an explanation of your opinion and what are/may be some other considerations preventing or delaying convergence on this subject.

 please do not use any outside recourses, this is a discussion, it should be based on personal oponions.