GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?

Discuss this week's objectives and the following concept comparing the GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?

• IFRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of the Sarbanes-Oxley Act (SOX).
• Due March 10, 2015 am.
• Question first follwed by answer.
• Plagiarism  free.
• Please read first before repling.