Author Question: At a minimum, a switch to IFRS from GAAP will affect companies' accounting information system by (Read 93 times)

bcretired · **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.

parshano · **Reply #1 on:** Apr 8, 2019

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