1. Global accounting standards are compelling. High quality standards by companies throughout the world has the potential to improve the comparability and transparency of financial information, a. Investigate in to different types of accounting standards ( 5 MARKS ) b. In the U.S., Generally Accepted Accounting Practices (GAAP) are the standard. In 2002, the European Union adopted IFRS Standards. Analyze the difference between GAAP and IFRS ( 5 MARKS )