3. Discuss pros and cons for the method of accounting under US GAAP and IFRS, respectively. Based on your discussion, under what circumstances (e.g., what types of firms, market conditions, etc) are the US GAAP standards is better and under what circumstances are the IFRS standards is superior? (Hint: you are free to compare the two standards in any perspective. In addition, you were introduced to the concept of relevance, reliability, consistency and comparability as four desirable attributes of accounting information along with other attributes (e.g. conservatism) in Chapter 2. To some degree, these perspectives may help you identify pros and cons and facilitate your discussion.)