Write a 200-word summary regarding IFRS versus GAAP. The summary should be structured in a subject-by-subject format. . Your discussion should include the answers to the following:
- 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.