Conversion to IFRS reporting by all U.S.companies would be best accomplished with a transition plan for all of the following reasons except
A)it would have to be a multi-year process
B)it needs to be an orderly process with a minimum of cost and disruption to the participants
C)certain IFRS need further improvement through continued convergence efforts
D)careful planning would enable maximum manipulation of the IFRS for the financial benefit of the United States.

Question

Quizplus · Accepted Answer

Careful planning should not be used for the sole purpose of manipulating IFRS for financial benefit. This goes against the principles of transparency and fair reporting. The other three choices are valid reasons why a transition plan would be necessary for an orderly and successful adoption of IFRS reporting.

Conversion to IFRS Reporting by All U