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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which of the following is not an advantage of IFRS?

a. The u of IFRS should increase the comparability and transparency of financial information.

b. The use of IFRS will make it easier to access foreign capital markets. IFRS require more judgments than U.S. GAAP.

d. IFRS arc less conservative than U.S. GAAP, so net income under IFRS will generally be higher than net income under U.S. GAAP.

To determine

Concept introduction:

International financial reporting framework (IFRS):

International financial reporting framework is the accounting framework/ accounting standards followed internationally to prepare the financial statements. IFRS are issued by the International Accounting Standards Board (IASB). IFRS fulfill the objective of common accounting standards worldwide.

To choose:

The option that is not an advantage of IFRS.

Explanation

Explanation for correct answer:

The given statement “IFRS are less conservative than US GAAP, so net income under IFRS will generally be higher than net income under U.S. GAAP: is not correct. Hence correct option is d.

Explanation for incorrect answers:

a...

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