In the file ACC 561 Week 1 Discussion Question 4 you will find right answers on the following task: “In addition to preparing financial statements in accordance with GAAP, U.S. companies may be required, in the near future, to prepare these statements according to the International Financial Reporting Standards (IFRS). Review the standards on the Financial Accounting Standards Board website (http://www.FASB.org) and on the IFRS Foundation website (http://www.IFRS.org). In what specific ways do the two sets of standards differ from one another? If the United States adopted IFRS standards, what would be the advantages and disadvantages?”