Accounting for nonfinancial assets will differ between U$.$S$.$Generally Accepted Accounting Principles $($GAAP$)$ and International Financial Reporting Standards $($IFRS$).$ One of the key issues will be that of fair value. As the United States worked toward convergence to IFRS standards, U$.$S$.$ GAAP adopted new fair accounting rules. However, differences still remain between IFRS fair value standards and GAAP fair value standards. Complete your text reading and research fair value standards. Give your argument for or against the use of fair value for the nonfinancial assets of a company.