Identify and describe (in yourown words) any two of the major accounting differences between U.S. GAAP andIFRS.Please reference any outsidesources used.(Word limit = 300 words) Download Nokia’s...

Identify and describe (in your own words) any two of the major accounting differences between U.S. GAAP and IFRS.Please reference any outside sources used.(Word limit = 300 words)

Download Nokia’s 2003 20-F report at the following URL: http://i.nokia.com/blob/view/-/264310/data/1/-/form20-f-03-pdf.pdf

(a)Refer to page 158 of the report.List the top 3 items (in Euros) which led to the difference between Nokia’s 2003 net income under U.S. GAAP and its 2003 net income under International Accounting Standards.

(b)Refer to note #36 of the report.In your own words, describe the main reason(s) why the following items in the 2003 reconciliation of net income were positive or negative in amount (analyze each item separately):

· Development costs

· Stock compensation expense

· Amortization of goodwill

(c)In 2008, the U.S. SEC eliminated the U.S. GAAP net income reconciliation requirement for foreign private issuers that adopt International Financial Reporting Standards. Do you agree with this decision?Why or why not?