The US is currently contemplating the transition to IFRS.US GAAP is regarded

by many in the US as the $$gold standard$.$ It is detailed and rules $-$based and in

many cased industry$-$specific and there is a perception among some that adoption

of IFRS will compromise the quality of financial reporting.

REQUIRED

$($i$)$ Discuss in what ways IFRS differs from US GAAP, as describe above

$($ii$)$ Discuss the advantages that a country may gain from transitioning to IFRS