All of the following are ways in which IFRS may relate to managerial accounting except:
A)IFRS governs managerial accounting methods.
B)Managerial accountants usually do not use LIFO for internal reports,so managerial accounting reports are more likely to agree with IFRS than with U.S.GAAP,if the U.S.GAAP reports use LIFO.
C)If the current IFRS approach of capitalizing R & D costs as assets prevails in the United States,then we are likely to see development costs capitalized for managerial reports.
D)The accounting information that managers use in making decisions and evaluating performance need not comply with IFRS.

Question

Quizplus · Accepted Answer

IFRS does not govern managerial accounting methods. Instead, it provides a set of principles for financial reporting that multinational companies can follow to ensure consistency and comparability in financial statements across borders. Managerial accounting is a separate branch of accounting that deals with internal decision-making, planning, and control. Hence, option A is incorrect.

All of the Following Are Ways in Which IFRS May