pls help with the cons of fair value in GAAP and cons of fair value in IFRS

Q2: Discuss pros and cons for the method of accounting under US GAAP and IFRS, respectively. Based on your discussion, under what circumstances (e.g., what types of firms, market conditions, etc) are the US GAAP standards better and under what circumstances are the IFRS standards superior? Can use the concepts of relevance, reliability, consistency and comparability as perspectives to help identify pros and cons. Pros of Fair Value in GAAP GAAP standards contain more specific guidance of fair value measurements. For example, when it comes to accounting for certain investments, GAAP allows the use of net asset value (NAV) only when two criteria are met - the fair value is not readily determinable, or the investment is in a real estate fund where the industry requires the fair value of assets or in an investment company. I believe this is a positive aspect because it allows more accuracy within the valuation of such investments. Cons of Fair Value in GAAP Pros of Fair Value in IFRS Cons of Fair Value in IFRS