You are a member of an investment club. To date, all of the club’s investments have been in Canadian public companies trading on the TSX. At a recent meeting, the members were discussing the possibility of investing in a couple of Canadian public companies that were dual-listed on the TXS and NYSE. One of your members, who had been tasked with analyzing the financial statements of these companies, noted that one of the companies prepared its financial statements using IFRS, while the other used U.S. GAAP. She wasn’t sure why this was the case. As one of the club’s most experienced members, you were asked to explain why these companies may have chosen to use these different standards. Write a response.