what if Discuss the impact of International Financial Reporting Standards $($IFRS$)$ on financial reporting for multinational corporations. In your response, explain the key differences between IFRS and Generally Accepted Accounting Principles $($GAAP$)$ used in the United States. How do these differences affect the presentation of financial statements, particularly in areas such as revenue recognition, lease accounting, and financial instruments? Provide examples of how a multinational corporation might have to adjust its financial reporting processes to comply with IFRS compared to GAAP. Additionally, analyze the benefits and challenges that companies face when transitioning from GAAP to IFRS. Consider the implications for stakeholders, including investors, auditors, and regulators, and discuss how the convergence of these standards might influence global financial markets. $10$ marks.