Independent of your response to Parts 1 & 2, assume Florida Chocolate Inc, uses U.S. GAAP for financial reporting and that Brazil Co. or England also use IFRS. Based on your research, select three differences between accounting for a specific transaction under GAAP and IFRS and explain the impact that the difference could have on the consolidation financials if the transaction was part of the intercompany transactions between the two companies. Include a hypothetical example to show the impact. In addition, discuss any ethical concerns you find if a company decides to switch from GAAP to IFRS reporting. Be sure to identify standards and/or professional practice to back up your example