(a) Discuss the implications for financial statement users when there are differences in GAAP among financial reporting...

Question:

(a) Discuss the implications for financial statement users when there are differences in among financial reporting frameworks.
(b) Outline the advantages and disadvantages.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...