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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)?
Suggested Answer: B
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14 comments · newest first
HE
Hester
12 months ago
B is spot on, we need to consider our unique context.
DE
Delmy
12 months ago
A is misleading, quick doesn’t always mean easy.
LA
Larue
1 year ago
Wait, are IFRS really quick to implement? That seems off.
HU
Huey
1 year ago
I disagree, D sounds like a plus for adoption.
CH
Chan
1 year ago
B is definitely a disadvantage. Local needs matter!
GA
Gayla
1 year ago
Option C seems like a benefit rather than a disadvantage, but I’m a bit confused about how that fits into the question.
ME
Merilyn
1 year 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.
GL
Glory
1 year ago
I'm not entirely sure, but I feel like the quick implementation mentioned in option A doesn't really sound like a disadvantage.
LA
Lawanda
1 year ago
I remember discussing how local variations might be an issue with IFRS, so I think option B could be the right choice.
CA
Carmen
1 year ago
This looks straightforward enough. I'll just carefully consider each option and select the two that are correct.
KA
Kate
1 year ago
I agree, NFC seems like the most likely solution here. It allows for secure, contactless payments directly from a smartphone.
TI
Timmy
1 year 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.
AR
Aretha
1 year 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.
WI
Wilda
1 year 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.