ASHFORD ACC 407 Week 5 Final Paper PLEASE DOWNLOAD HEREFinal PaperThe final assignment for this course is a Final Paper. The purpose of the FinalPaper is for you to culminate the learning achieved in the course by describingyour understanding and application of knowledge in the field of accounting. TheFinal Project represents 25% of the overall course grade.Focus of the Final PaperAssignment Instructions:The purpose of the Final Paper is for you to culminate the learning achieved inthe course by describing your understanding and applying your knowledge andresearch in the field of accounting. Select one of the major topics listed below toanalyze:Accounting standards for business combinations: What is the history foraccounting for business combinations? Identify and discuss the FinancialAccounting Standards (FAS) that govern business combinations andconsolidations? Evaluate the reasons for business combination including theadvantages and disadvantages for both the acquirer and acquiree. Identify anddiscuss the financial and nonfinancial factors that should be considered by bothparties. What are some acquisition tactics and defenses, i.e. leveraged buyout?The use of hedging in relation to foreign currency transactions: Demonstrate aforeign currency transaction by providing an example. Evaluate the risksassociated with foreign currency transaction. Describe hedging and how hedgingis used to mitigate the risks of foreign currency transactions? Discuss the prosand cons of hedging.Accounting for partnerships – Discuss the advantages and disadvantages ofpartnerships. Identify and discuss the Financial Accounting Standards (FAS) thatgovern accounting for partnerships including both creation, operation, andliquidation. What are the tax consequences of partnerships.International accounting standards (IFRS) – Distinguish the general differencesbetween IFRS and US GAAP. Identify and discuss the advantages anddisadvantages of IFRS. Evaluate the need for a set of wholly acceptedinternational standards. What is the status of the upcoming convergence to IFRSfor the US? In relation to the topics covered in this course, business combinationsand partnerships, how do IFRS and US GAAP differ and which set of standardsare more advantageous to the entity? Moreadvantageoustotheinvestororcreditor?