ESSAY: INTERNATIONAL FINANCIAL REPORTING AND TAX PLANNING STRATEGY ASSIGNMENT INSTRUCTIONSOVERVIEWFor this assignment, you will be submitting an essay on the effect the adoption of IFRS has had, and will continue to have, on tax planning strategy. While reporting under IFRS will not be required until 2015 or 2016, we are already beginning to see changes in the tax industry, particularly when considering planning for the future. The purpose of this assignment is for you to consider how and to what extent the adoption of IFRS in the United States will affect current tax planning strategy, both in the short-term and the long-term. INSTRUCTIONSThe essay should be written in APA (current edition) format and be submitted in the form of a Microsoft Word document, labeled as follows: lastname_essay2.doc. The body of this essay must be 2–3 pages (double-spaced) in length, not counting the title page and reference page. A minimum of 6 scholarly research sources must be cited in the essay.If you are not familiar with IFRS, begin by watching the presentation provided in the Learn section(file attached). This presentation presents a basic introduction to IFRS, which you can use as a springboard for deeper research. As this is an essay, and not a comprehensive research project, limit your analysis to three or four standards and/or strategies that will be affected by the adoption of IFRS. Cite at least two separate research sources per issue analyzed. Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.