The US Chamber of Commerce Supports a Change from to IFRS

question 79

True/False

The U.S. Chamber of Commerce supports a change from to IFRS to GAAP, saying it will help the United States compete in the world economy.

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Definitions:

Indirectly Own Stock

Holding shares in a company through indirect means, such as owning a mutual fund or an exchange-traded fund that in turn owns the stock.

Ultra Vires Doctrine

A legal principle that acts of a corporation must fall within the limits of the powers granted by law and the corporation's own constitution.

Criminally Liable

The legal responsibility or accountability of a person or entity for violations of criminal law, subject to penalties such as fines or imprisonment.

Governing Document

A formal record that establishes the rules, regulations, or principles by which an organization or entity is governed.