GAAP versus IFRS

Your company has recently opened a facility in Ireland where you produce articles intended for sale in the EU. Your accountant informs you that GAAP rules, which govern accounting in the United States do not apply in Ireland. He recommends that the company researches IFRS to help with the difference between accounting in the two countries. You have never heard of IFRS before and go to Investopedia (please review a resource in this Unit's reading and resource section) to begin researching the standards. Based on your initial research discuss the challenges that you anticipate when consolidating the results of your Irish facility with that of your US headquarters.

Discuss the accounting challenges a company that has operations in foreign countries faces when reporting corporate results.