In the chapter, we discussed an example of Starbucks using the systems development life cycle to develop the capability

to analyze what type of pastries sell best with its various hot and cold drinks. Now, let's suppose that NASDAQ

requires all of the firms trading on the exchange to report their financial statements not only using GAAP but also

International Financial Reporting Standards $($IFRS$).$ Because Starbucks' current system cannot handle the IFRS

requirements, the financial reporting system must be modified. Using Starbucks as an example, explain what types of

activities would occur in each of the five phases of the systems development life cycle in preparation for reporting financial

results according to IFRS.