Research and write how the difference between IFRS and GAAP has evolved since the video (The Difference between GAAP and IFRS) was produced in 2018. Identify the main differences and provide an analysis as to why these differences exist and why it is necessary to continually update both accounting standards.

Please use the library for your research. Do not use sites such as Wikipedia or Investopedia as your sources. If you use a website, make sure you review APA guidelines as to how to properly format websites as a source. Minimum word requirement: 400; include a cover page and a separate reference page listing your sources in proper APA style. Minimum 2 sources; your textbook can be one of your sources.