(IFRS v US GAAP)

With respect to translation of the financial statements of a foreign subsidiary, explain the IFRS v U.S. GAAP differences regarding classification of a jurisdiction as a highly (or hype-inflationary) economy and the required accounting for translation of financial statements of a subsidiary operating in a highly inflationary economy.

(Be brief, no more than 4 paragraphs: Note, I will stop reading after 4 paragraphs and/or 12 sentences)