INDIVIDUAL LEARNING PROJECT ASSIGNMENT INSTRUCTIONSOVERVIEWThe student will conduct a research project examining some aspect of financial accounting theory that is currently being debated in the accounting and business world (example topics include: revenue recognition, fair value, leases, pensions, and deferred taxes). Using the electronic databases provided by the Jerry Falwell Library and other sources, search for journal articles in professional peer-reviewed accounting and business journals that pertain to your individual financial accounting theory topic.INSTRUCTIONSAfter you have selected your topic that explores some aspect of financial accounting theory and that is currently being debated in the accounting and business world (example topics include: revenue recognition, fair value, leases, pensions, and deferred taxes), use the electronic databases provided by the Jerry Falwell Library and other sources, search for journal articles in professional peer-reviewed accounting and business journals that pertain to your individual financial accounting theory topic. Then, begin writing a paper that logically and critically analyzes and synthesizes all aspects of your theory topic. Be sure to include the following core components concerning your theory topic.1. Historical development of financial accounting theory.2. Current GAAP.3. Compare and contrast U.S. GAAP and IFRS in respect to your topic.4. Suggested changes or problem areas revealed in the debate arena.5. Analyze points 2 and 3 in relation to the Conceptual Framework (include qualitative characteristics of useful information).6. Suggest appropriate courses of action. I wanted to provide detail on what should be included in this section. Within this section, provide your recommended solution to the accounting problem supported by research and rationale that aligns with the theory. Provide a solution even if it is contrary to current practice or if a resolution has already been recommended by the FASB or other standard setting body. Of course, your recommended solution could be what is currently used in practice.7. Provide a biblical application, supported by Scripture, in respect to your topic.Submit your individual research paper on the company approved by your instructor in Module 1: Week 1. Items to include are outlined as follows: 12-15 pages, double-spaced with 1-inch margins and 12-point Times New Roman fonto Note: The title page, outline, and reference page are not counted towards the page requirement Your assignment must be in current APA format. You must include 5-7 citations. Acceptable sources are scholarly articles from professional peer-reviewed accounting and business journals published within the last five years.Submit your completed Individual Learning Project Assignment as a word.doc file. Your file must be named as follows: “Last Name First Name IRP.doc” (for example: “Smith John IRP.doc”). ACCT 632Page 2 of 2Note: Your assignment will be checked for originality via the Turnitin plagiarism tool. Failure to cite all sources used in your research papers or plagiarism of any kind will result in a grade of 0. Plagiarism occurs when you either include the words of others in a paper without properly attributing the source or cut and paste from a source directly into a paper without including quotation marks and source attribution