Write a 700- to 1,050-word summary of your team’s discussion regarding 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:

IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS
often differ from a balance sheet presented under GAAP?

IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective
of financial reporting? Explain.

IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock
and balance sheet?

IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the
United States should adopt IFRS.

IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS
versus GAAP.

IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and
losses? Explain.

IFRS 7-1: Some people argue that the internal control requirements of the SarbanesOxley 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

Format your paper consistent with APA guidelines.

Use your Financial Accounting text and at least two additional scholarly-reviewed references.
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