• Review the article, Assessment of Business Subsidiary Operations and Consolidated Financial Statements Through a Common Global Accounting Language, IFRS vs. GAAPLinks to an external site..
• Despite major efforts by the Financial Accounting Standard Board (FASB) and the International Accounting Standards Board (IASB), significant differences remain between accounting practices in the United States and the rest of the world such as Historical Cost vs Fair Market Value. Describe the advantages and disadvantages that this difference can create between American- and European-based companies.