international financial reporting standards

Paper details:
memo 01 Background Mr. Dewey, a Senior Partner of the CPA firm Dewey, Cheatem, & Howe (DCH) has heard that there are two competing international financial reporting standards one that is called International Financial Reporting Standards (IFRS) and another called US GAAP. Required: Mr. Tu. Dewey wants you to research these two standards and in a ½ to 1½ page memo list and explain their differences and give insight as to which is likely to dominate world accounting.