Discuss some of the challenges that face accountants worldwide when conducting international transactions.

Required:
1. Discuss some of the challenges that face accountants worldwide when conducting international transactions.
2. Discuss the major difference GAAP and IFRS.
3. With respect to leasing the high-tech panels, describe the amount and nature of expense that South British Company and New York Solar will record for the year 2015.
4. If South British Company and New York Solar had the choice to select accounting standards to use for this lease transaction, which standards would provide the most benefit to each company? Your discussion should focus only on how choosing a set of standards would affect the leasing situation that is mentioned above.