Please see attachment. There are 7 questions in total.

1. In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? 2. Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. 3. What terms commonly used under IFRS is synonymous with common stock and balance sheet? 4. Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS. 5. Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. 6. Under IFRS do the definitions of revenues and expenses include gains and losses? Explain. 7. Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX