What does IFRS for convertible debt accomplish that GAAP potentially sacrifices? and What does GAAP for convertible debt accomplish that IFRS potentially sacrifices? How would this journal entry differ if it was done according to IFRS for convertible debt?

Cash 200,000

Bonds Payable 200,000

If the company issued 10 year, $200,000 face vale, 6% bonds, at par value. Each $1000 bond is convertible into 30 shares of $2 par value common stock.