respond to this discussion post: Using International Financial Reporting Standards (IFRS) rather than Generally Accepted Accounting Principles (GAAP) would lead to several differences in Walmart's financial statements. One key difference lies in inventory accounting. GAAP allows the Last-In, First-Out (LIFO) method to reduce taxable income in times of rising prices. At the same time, IFRS prohibits LIFO, potentially leading to higher reported inventory costs and taxable income under IFRS. Additionally, GAAP is more prescriptive with detailed rules, whereas IFRS is principle-based, allowing for more excellent interpretation and judgment, potentially leading to more varied reporting outcomes (Warren et al., 2021). The pros of Walmart adopting IFRS include enhanced comparability with international competitors and potentially increased appeal to global investors. IFRS's flexibility can also allow Walmart to reflect better the economic realities of transactions (Ball, 2006). However, the cons include significant costs associated with transitioning to IFRS, including retraining staff and overhauling financial reporting systems. The greater subjectivity in IFRS could also lead to less consistency and reliability in financial reporting. From a legal and ethical standpoint, the convergence of IFRS in the U.S. could lead to challenges. The principle-based nature of IFRS may result in more frequent disputes over interpretation, requiring