Autocar is a public listed company currently based in Japan. The company is engaged in the automobile industry. Autocar is currently using local Accounting Standards for its financial reporting. The company has plan to involve in extensive trading activities with many international companies and to acquire at least one foreign partner as a subsidiary in the near future for the expansion of its trading activities. Autocar board of directors is considering the adoption of International Financial Reporting Standards (IFRS). Discuss the implications of adopting IFRS by Autocar for its financial reporting purposes