Answer the following questions, in detail, including a discussion of the relevant and related issues. Spelling, grammar and formatting are as important as content. There is no minimum and no maximum length but it is not possible to fully answer these questions, with discussion, in a few sentences or 1 paragraph.

1. What is IFRS, why does it exist and who uses it?

2. In what way is IFRS generally the same/similar to GAAP?

3. How is IFRS generally different than GAAP?

4. Identify AND discuss 3 specific differences between IFRS and GAAP.

5. Should the US switch from GAAP to IFRS? Why or why not?