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:

Autonomy

The capacity and right of individuals to make their own choices and decisions independently, free from external control or influence.

Freedom

The authority or freedom to behave, communicate, or consider ideas freely, without any limitations or restrictions.

Habits

Regular practices or routines that are hard to give up and often performed unconsciously.

Automatic System

A type of processing that occurs with little to no conscious thought, often quick and intuitive.