Question: What are the differences that exist between balance sheets that are prepared using U.S. GAAP and those prepared using International Financial Reporting Standards (IFRS). Explain

What are the differences that exist between balance sheets that are prepared using U.S. GAAP and those prepared using International Financial Reporting Standards (IFRS). Explain the difference and if there seems to have been a move in recent years toward convergence of the two systems. Finally, discuss how such a difference might have an impact on financial statement analysis, or if you believe that it would.

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