Connor and Martin are contemplating international business in their industry and feel that global expansion is a great transition for the company. They do not feel as if they understand IFRS and are in need of clarification of both implications and convergence factors that may affect the expansion. They have asked you to prepare a memorandum to help them understand the differences in US GAAP and IFRS Standards, as well as what the costs will be in making the change. Research the following topics and prepare a memorandum on your findings: What are the major factors in converging from US GAAP to IFRS Standards? Will switching accounting standards be costly for the firm? Explain your reasoning. How does IFRS differ from GAAP regarding international transactions? Are there issues in accounting for international transactions? What is your final recommendation on whether CMC should converge to IFRS or GAAP? Explain your reasoning