On December 30, 2020, Frame Co, a large corporation, announced its intention to hold partial ownership in Adams Co, a US company. Both companies have been exploring the regulatory and conceptual financial reporting frameworks that may apply to their case as the business combination approaches. The companies have been keen to attain a comprehensive assessment concerning the differences between IFRS and US GAAP that they should be aware of, mainly about crucial accounting standards and implications. Required Advise the companies on the above accounting issues, illustrating your advice, where appropriate, with relevant references, journal entries, financial extracts, and numerical details.