At a Minimum,a Switch to IFRS from GAAP Will Affect

question 79

Multiple Choice

At a minimum,a switch to IFRS from GAAP will affect companies' accounting information system by

• A)requiring companies to increase the processing power of their existing accounting information systems.
• B)requiring IT departments to hire programmers that are fluent in languages besides English.
• C)requiring the creation of additional fields in research and development (R&D)records to capture information about the stage of research and development that costs are incurred in.
• D)requiring firms to completely redesign their existing accounting information systems because current systems are not compatible with IFRS accounting principles.

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Definitions:

Proxy Fight

A strategy employed by a group of shareholders trying to gain control of a company by persuading other shareholders to vote in a way that opposes the current management's interests.

Shareholders

Individuals or entities that own shares in a corporation, giving them a claim on the company's profits and assets.

Capital Structure

The composition of a company's funding via debt and equity, outlining how it finances its operations and growth.

Debt

An amount of money borrowed by one party from another, to be paid back with interest.