Consider the following questions:
1. Briefly describe GM (in one (1) short paragraph).
2. Given the SEC's current position on requiring U.S. publicly traded companies to report using the IFRS method of accounting, discuss whether or not it would be beneficial or punitive to the company when adopting IFRS. Explain your rationale.
3. Determine the differences that would occur (or have occurred) by using IFRS for the income statement, balance sheet, and statement of cash flows, and how these differences may attract investors to the company.
4. Compare and contrast the differences in the financial statements, and the advantages and disadvantages of using IFRS versus GAAP reporting.
5. Make recommendations as to whether the company you researched should use IFRS or GAAP as its reporting standard. Explain your rationale.