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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
8 months ago
B is spot on, we need to consider our unique context.
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Delmy
9 months ago
A is misleading, quick doesn’t always mean easy.
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Larue
9 months ago
Wait, are IFRS really quick to implement? That seems off.
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Huey
9 months ago
I disagree, D sounds like a plus for adoption.
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Chan
9 months ago
B is definitely a disadvantage. Local needs matter!
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Gayla
9 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
9 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
9 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
10 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
10 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
10 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
10 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
10 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
10 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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