Two foreign companies want to trade shares of their stock on U.S. stock exchanges. One company follows IFRS but the other company does not. If the FASB changes an accounting standard for GAAP, how will this affect each foreign company? Both companies will have to change their accounting practices to conform to GAAP. Only the company that does not conform to IFRS will have to change their accounting practices to conform to GAAP. Only the company that conforms to IFRS will have to change their accounting practices to conform to GAAP. Neither company will have to change their accounting practices to conform to GAAP