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.

---

Definitions:

Patent Infringement

The unauthorized use, sale, or manufacturing of a patented invention without the patent holder's permission.

Supreme Court of Canada

The highest court in Canada, serving as the final court of appeal and deciding on important legal and constitutional issues.

Herbicide Resistance

The innate or evolved ability of a plant species to survive and reproduce despite the application of herbicides designed to kill them.

Monsanto

A large agrochemical and agricultural biotechnology corporation known for its development of genetically modified crops and agricultural products.