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 ( 5MARKS ) 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 ) 2. According to Ann Tarca (2012) "The Case for Global Accounting Standards: Arguments and Evidence" indicate several benefits in considering IFRS by the organization. Read the attached journal in the moodle. Evaluate the below concepts and the answers in your own words a. IFRS and Market Efficiency ( 5 MARKS ) b. IFRS and Economic development ( 5 MARKS )