At a minimum,a switch to IFRS from GAAP will affect companies' accounting information system by
A)requiring companies to increase the processing power of their existing accounting information systems.
B)requiring IT departments to hire programmers that are fluent in languages besides English.
C)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.
D)requiring firms to completely redesign their existing accounting information systems because current systems are not compatible with IFRS accounting principles.

Question

Quizplus · Accepted Answer

Switching to IFRS will require companies to capture additional information about the stage of research and development that costs are incurred in. Therefore, companies will need to create additional fields in R&D records to capture this information. This will affect their accounting information system. However, there is no need to completely redesign the existing accounting information system or increase the processing power of existing systems. There is also no need to hire programmers that are fluent in languages besides English.

At a Minimum,a Switch to IFRS from GAAP Will Affect