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This is the first of three milestone assignments that will lead to the completion of your course project. In this assignment, you will complete Critical Element III: GAAP vs. IFRS. Recall that, due to the sequencing of content for the modules, the critical elements are being prepared out of order. For the complete sequence, see the Final Project Guidelines and Rubric document.This milestone addresses the following course outcome:Differentiate between the Generally Accepted Accounting Principles and the International Financial Reporting Standards for their impact on financial statements.If you have not already done so, select the company that you will use to build your portfolio. For detailed instructions, see the Final Project Guidelines and Rubric document.Specifically, the following critical elements must be addressed:III. GAAP vs. IFRSA. Explain the steps that would be needed for your selected portfolio company to transition from GAAP to IFRS. For example, what would thistransition entail? What would your chosen company need to do?B. Explain how a financial statement would differ under IFRS as opposed to GAAP.i. How is a financial statement under IFRS different from GAAP? How is it the same?ii. What would the statements for your chosen company look like?Guidelines for Submission: Prepare your paper using Microsoft Word. It should be 2 to 3 pages in length, not including the cover page and reference page. Follow APA formatting guidelines using appropriate headings, double spacing, 12-point Times New Roman font, and one-inch margins. Support your arguments with at least three peer-reviewed sources cited in APA format.