When New-To-The-World Products Are Better, Faster Versions of Existing Products

question 64

Multiple Choice

When new-to-the-world products are better, faster versions of existing products that target, for the most part, existing customers, then these products are described as ________.

• A) specialized goods
• B) core products
• C) convenience goods
• D) sustaining innovations
• E) disruptive innovations

---

Definitions:

IFRS

Stands for International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is globally accepted for preparing financial statements.

IASB Standards

International Accounting Standards Board Standards, which are a set of accounting rules followed by companies across the globe to ensure transparency and comparability of financial statements.

Retrospectively Apply

The application of a new accounting policy to transactions, other events, and conditions as if that policy had always been applied.

Opening Balance Sheet

Denotes a financial statement depicting a company's financial position at the start of a new accounting period.