comparing the GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?

IFRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of the Sarbanes-Oxley Act (SOX).