Accounting for long-lived assets differs between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). (

1) Describe one way in which accounting for long-lived assets differs between GAAP and IFRS.

(2) When two companies in the same industry use different valuation methods, discuss the implications for a financial analyst.

(3) What adjustment(s) could an analyst make, in order to compare companies applying different accounting principles?