Prompt Financial statements prepared under accounting practices in other countries often differ from those prepared under generated accepted accounting principles (GAAP) in the United States. For example, BMW Group prepares its financial statements under International Financial Reporting Standards (IFRS) as adopted by the European Union. In doing so, BMW's balance sheet reports fixed assets first, followed by current assets. It also reports stockholders' equity before the liabilities. In contrast, balance sheets prepared under U.S. accounting principles report current assets followed by fixed assets and current liabilities followed by long-term liabilities and stockholders' equity. The United States is BMW's second biggest market (right behind China). China 28.6% United States 14.7% Germany 13% United Kingdom 9.2% Italy 2.9% Japan 24% Other 29.2% 096 SX 10% 25% 30% 15% 20% Share of sales 1. Do you think the BMW Group should prepare financial statements in accordance to GAAP (US- based) or International Financial Reporting Standards? 2. Why