The United States Should NOT Be Subject to IFRS for All

question 11

Multiple Choice

The United States should NOT be subject to IFRS for all of the following reasons EXCEPT ________.

• A)the United States should have the most stringent reporting standards
• B)GAAP is less comprehensive than IFRS
• C)retraining would be necessary for publicly traded firms
• D)there is more than one set of IFRS

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Definitions:

Payment Order

An instruction by a customer to its bank to pay a specific amount of money to a designated recipient, key in facilitating international trade and finance.

Originator

The individual or entity that creates or initiates something, often used in financial contexts to refer to the original lender or issuer of a loan or financial instrument.

EFTA

Stands for the European Free Trade Association, which is a regional trade organization and free trade area consisting of European countries.

Stop Payment Order

An instruction to cancel the payment process of a check, draft, or another financial instrument before it has been cashed or deposited.