How is preferred stock reported differently under U. S. GAAP and IFRS? Do you think preferred stock

Question:

How is preferred stock reported differently under U. S. and IFRS? Do you think preferred stock is a liability or an equity item? Why?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...