The US Chamber of Commerce Is Against the Accounting Switch from from GAAP

question 84

True/False

The U.S. Chamber of Commerce is against the accounting switch from GAAP to IFRS, saying it will cause cross-border commerce to decline.

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Definitions:

External Good

Often misinterpreted; should likely be "external good," relating to positive externalities, benefits received by those not directly involved in a transaction.

Nonrival-in-consumption

A property of a good whereby one person's consumption does not diminish the utility of that good for others.

Consumption

The process by which goods and services are used up by consumers, reflecting the end use of products and services in an economy.

Nonpaying Customers

Individuals or entities that receive goods or services without providing payment or compensation.