Answer the following general questions:-

How different are US Standards from IFRS? Are the differences substantial or more a matter of minor differences, or somewhere in between?

Should US standards move closer to IFRS standards or the other way around?

What benefits are there to one worldwide accounting standard?

For each assigned topic answer the following questions:-

Specifically explain the difference in the recording process of the assigned topic between US Standards and IFRS? Provide example to support your explanation

Specifically explain the similarities in the recording process of the assigned topic between US Standards and IFRS? Provide example to support your explanation.

What is the significant impact on the US Company when they follow IFRS in reporting the assigned topic?