8. List the types of differences between IFRS and US GAAP.

9. IFRS 1, First-Time Adoption of International Financial Reporting Standards, is the standard that is applied during preparation of a companys first IFRS-based financial statements. IFRS 1 was created to help companies transition to IFRS and provides practical accommodations intended to make first-time adoption cost-effective. It also provides application guidance for addressing difficult conversion topics.

There are six requirements for companies under IFRS 1. Name one.