Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what is the impact of some businesses using intern

What is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of...

60.2K

Verified Solution

Question

Accounting

What is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of generally acceptedaccounting principles (GAAP)? In your opinion, should there be aworldwide convergence of accounting standards? Why or why not?Explain.

Answer & Explanation Solved by verified expert
3.8 Ratings (748 Votes)
The major difference that arises because of some businesses using IFRS instead of GAAP is that there will be nonuniformity of the reporting between the companies within the same Industry and between different Industries For a    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingWhat is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of generally...What is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of generally acceptedaccounting principles (GAAP)? In your opinion, should there be aworldwide convergence of accounting standards? Why or why not?Explain.

Other questions asked by students

Q

Corporation A plans to launch a new project and the financial manager is considering whether this...

Finance
Q

A researcher is interested in determining if there is a difference in the amount of time...

Statistics
Q

Diels-Alder Reaction of cis-Butadiene with Maleic Anhydride Experiment: Give the reaction conditions, ie. what apparatus, solvent, temperature and...

Chemistry
Q

List and describe the stages of team development.

General Management
Q

Select the true statement about tf idf wieght Select one O O A idf have...

Geometry
Q

State the various transformations applied to the base function f(x) = (x^2) to obtain a...

Basic Math
Q

A normal distribution of scores has a standard deviation of 10 and a mean of...

Basic Math
Q

Let A 1 1 0 0 1 o and B 0 1 0 0 0...

Algebra
Q

Refer to the financial statements of The Home Depot in Appendix A. (Note: Fiscal 2016...

Accounting
Q

Average Joes Gym Background You are an Analyst for the professional service firm, BUSI 1043...

Accounting
Q

Accounting for Excise Taxes Step 1: Identification of Excisable Goods:...

Accounting
Q

A machine owned by Chiellini has an original cost of $450,000, has annual depreciation of...

Accounting