IFRS vs GAAP

Write a 700- to 1,050-word summary of the differences of IFRS versus GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following:

In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. What terms commonly used under IFRS are synonymous with common stock and balance sheet? Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS. Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain. Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.