1st Discussion Question Provide a statement explanation supporting your position with the statement below. Experience shows that the needs of national and international markets, for international harmonization in particular, are better served by self-regulation and development than by government regulation.2nd Discussion Question This article Ernst & Youngs US GAAP vs. IFRS: The Basics (Links to an external site.)Links to an external site. compares the two methods of financial reporting.After reading the article from Ernst and Young, answer the following questions:How does the GAAP reporting method cause cash flows to differ from net income?How are the features of the Income Statement, Balance Sheet, and Statement of Cash Flow utilized in both the GAAP and the IFRS reporting methods?Does it make sense to adapt a worldwide standard for financial reporting? Should this be mandated or voluntary?Provide some of the potential costs and benefits of switching from GAAP to IFRS.
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