“Equity-Based Compensation” Please respond to the following:From the e-Activity, discuss the impact of adopting IFRS reporting on equity-based accounting for financial reporting and tax payments. Then, recommend a strategy for companies adopting IFRS to minimize the impact of the accounting treatment.Examine the potential results of measuring the fair market value of the equity-based compensation at the grant date on financial statements under GAAP only. Provide recommendations you would make to minimize any distortions in fair market value