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CIMAPRA19-F01-1 Exam - Topic 3 Question 53 Discussion

Country J is a newly formed independent country and it's accounting professionals are considering adopting international financial reporting standards (IFRS).Which of the following is a disadvantage to Country J of adopting IFRS as their local generally accepted accounting practice (GAAP)?
B) Specific local variations that might be needed will not be accommodated.
A) IFRS are quick to implement which reduces the costs involved.
C) Facilitates comparability with other countries who use IFRS as their local GAAP.
D) Easier to adopt standards which have already been developed.

CIMAPRA19-F01-1 Exam - Topic 3 Question 53 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam
Question #: 53
Topic #: 3
[All CIMAPRA19-F01-1 Questions]

Country J is a newly formed independent country and it's accounting professionals are considering adopting international financial reporting standards (IFRS).

Which of the following is a disadvantage to Country J of adopting IFRS as their local generally accepted accounting practice (GAAP)?

Show Suggested Answer Hide Answer
Suggested Answer: B

by Blondell at Jun 15, 2022, 08:07 AM

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Hester
10 months ago
B is spot on, we need to consider our unique context.
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Delmy
10 months ago
A is misleading, quick doesn’t always mean easy.
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Larue
10 months ago
Wait, are IFRS really quick to implement? That seems off.
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Huey
11 months ago
I disagree, D sounds like a plus for adoption.
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Chan
11 months ago
B is definitely a disadvantage. Local needs matter!
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Gayla
11 months ago
Option C seems like a benefit rather than a disadvantage, but I’m a bit confused about how that fits into the question.
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Merilyn
11 months ago
I think we practiced a question similar to this, and it highlighted that IFRS might not fit local needs, which makes me lean towards option B as well.
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Glory
11 months ago
I'm not entirely sure, but I feel like the quick implementation mentioned in option A doesn't really sound like a disadvantage.
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Lawanda
11 months ago
I remember discussing how local variations might be an issue with IFRS, so I think option B could be the right choice.
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Carmen
11 months ago
This looks straightforward enough. I'll just carefully consider each option and select the two that are correct.
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Kate
11 months ago
I agree, NFC seems like the most likely solution here. It allows for secure, contactless payments directly from a smartphone.
upvoted 0 times
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Timmy
11 months ago
Hmm, I'm a little confused. I know Agile has different planning levels, but I'm not sure if "Planning Onion" is the right term. I'll have to review my notes and try to remember the specific terminology used for this concept.
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Aretha
11 months ago
I have a feeling it might be 5 working days, but that seems so short. I need to double-check my notes from class.
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Wilda
11 months ago
Okay, I remember learning that 100BaseTX networks require higher-quality cabling than Category 3, so I'm going to go with Category 5 UTP cable for this one.
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