Question - Differentiate between the Generally Accepted Accounting Principles and the International Financial Reporting Standards for their impact on financial statements.
Specifically, the following critical elements must be addressed: GAAP vs. IFRS
A. Explain the steps that would be needed for your selected portfolio company to transition from GAAP to IFRS. For example, what would this transition entail? What would your chosen company need to do?
B. Explain how a financial statement would differ under IFRS as opposed to GAAP.
i. How is a financial statement under IFRS different from GAAP? How is it the same?
ii. What would the statements for your chosen company look like?