1. What is the name of the group that develops Generally Accepted Accounting Principles (GAAP)? 2. What is the name of the group that develops International Financial Reporting Standards (IFRS)? 3. Explain the difference between GAAP and IFRS using the descriptions of and defining rulesbased and principles-based. 4. Inventory Reporting a. What is the difference between inventory costing/accounting methods for GAAP and IFRS? b. Both IFRS and U.S. GAAP apply the lower of cost or market method for reporting inventory values. If inventory is written down from applying the lower of cost or market method, explain in general terms how IFRS and U.S. GAAP differ in accounting for any subsequent period reversal of that reported decline in inventory value