chosen country , the global market in general , and how the expansion will impact their operations .
Specifically , the following critical elements must be addressed :
I . Global Business : For this part of the assessment , convey to your audience the differences between accounting practices around the world .
A . Explain the influence of environmental issues of diversity on accounting practices .
B . Evaluate the impact of the chosen country ’ s culture on their financial accounting standards .
1 . What accounting principles could help inform your response ( i . e ., Hofstede ’ s dimension of culture , Gray ’ s accounting values , etc .)?
C . Evaluate the impact of potential issues on business operations that may arise when conducting accounting business in the chosen country .
II . Accounting Standards : For this part of the project , explain to your audience the differences between generally accepted accounting principles ( GAAP ) and International Financial Reporting Standards ( IFRS ) and the implications in converging with IFRS .
A . Differentiate between the reporting requirements for GAAP and IFRS .
B . Given these differences , determine which reporting standard ( s ) would be most appropriate for your company , given their desire to expand globally and why they would be appropriate .
C . Distinguish the disclosure requirements for GAAP and IFRS .