Discuss the following:
If an investor wants to compare the financial results of The Gap, Inditex, and H&M, what difference does it make that their financial statements are prepared according to different GAAP? Would you expect there to be a big difference between U.S. GAAP s used by The
Gap and IFRS as used by H&M and Inditex?
What are the major sources of influence on H&M's accounting standards and practices?