What are some of the risks for a company converting from GAAP to IFRS?
A)Misstatement of financial information
B)Fraud
C)Ineffective communication of the impact of the change to investors and creditors
D)Management's inability to certify the effectiveness of controls over financial reporting
E)All of the items listed above are risks that a company converting from GAAP to IFRS must
Be aware of

Question

Quizplus · Accepted Answer

All of the risks listed above are potential consequences of a company converting from GAAP to IFRS. Misstatement of financial information, fraud, and management's inability to certify the effectiveness of controls over financial reporting are all risks related to the accuracy and reliability of financial information. Ineffective communication of the impact of the change to investors and creditors is a risk related to transparency and disclosure. It is important for companies to be aware of these risks and take appropriate steps to mitigate them.

What Are Some of the Risks for a Company Converting