Assume that you are the Senior Accounts Executive working for a US company. The company recently acquired an European company as its subsidiary based in France. As this would have a greater impact on preparation of financial stateemnts The CEO of the company seeks your assistance to understand the differences in practice between IFRS and US GAAP on the following financial statement items. 1. Inventory valuation (3 Marks) 2. Property Plant Equipment (3 Marks) 3. Intangible assests (3 Marks) 4. Revenue from Contracts with Customers (3 Marks) 5. Leases (3 Marks) 6. Business Combination and Consolidated Fianacial Statements (3 Marks) 7. Finacial Instruments