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Author Question: At a minimum, a switch to IFRS from GAAP will affect companies' accounting information system by (Read 51 times)

bcretired

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on: Apr 8, 2019

Question 1

A major way in which IFRS differs from GAAP that will affect the design of a company's general ledger and reporting system is an IFRS principle known as
◦ componentization.
◦ monetization.
◦ securitization.
◦ centralization.

Question 2

At a minimum, a switch to IFRS from GAAP will affect companies' accounting information system by
◦ requiring companies to increase the processing power of their existing accounting information systems.
◦ requiring IT departments to hire programmers that are fluent in languages besides English.
◦ 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.
◦ requiring firms to completely redesign their existing accounting information systems because current systems are not compatible with IFRS accounting principles.
Accounting Information Systems ¦ Romney, Steinbart ¦ 14th Edition
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Marked as best answer by bcretired on Apr 8, 2019

parshano

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Reply #1 on: Apr 8, 2019
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bcretired

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Reply 2 on: Apr 8, 2019
YES! Correct, THANKS for helping me on my review

tanna.moeller

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Reply 3 on: Yesterday
Wow, this really help

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