The USChamber of Commerce Supports the Change from GAAP to IFRS,saying

question 116

True/False

The U.S.Chamber of Commerce supports the change from GAAP to IFRS,saying it will lead to much more cross-border commerce and will help the U.S.compete in the world economy.

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Definitions:

Secondary Liability

Legal responsibility that arises from aiding, facilitating, or contributing to a wrongful act committed by another party.

Contractual Liability

This is the legal obligation parties have under a contract to fulfill the terms of the agreement.

Warranty Liability

The legal obligation of a seller to ensure that the goods or services sold meet certain expressed or implied standards of quality and reliability.

Secondarily Liable

Liability that is not primary but comes into effect when the party with primary liability has failed to fulfill an obligation.