Read the case study, pp. 759-762, H&M: The Challenges of Global Expansion and the Move to Adopt International Financial Reporting Standards Answer questions 19-3 and 19-4 at the end of the case study and below. If an investor wants to compare the financial results of The Gap, Inditex, and H&M, what difference does it make that their financial statements are prepared according to different GAAP? Would you expect there to be a big difference between U.S. GAAP as used by The Gap and IFRS as used by H&M and Inditex? What are the major sources of influence on H&Ms accounting standards and practices? What type of exposure could the CFO of H&M in the U.S. be subjected to since H&M is based in Sweden and the financial statements are prepared according to IFRS? Payments or liabilities may also be subjected to exposure. Explain the operational hedging strategies that may offset exposure.