CIMA Exam CIMAPRA19-F01-1 Topic 3 Question 53 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam

Question #: 53
Topic #: 3

Country J is a newly formed independent country and it's accounting professionals are considering adopting international financial reporting standards (IFRS).

Which of the following is a disadvantage to Country J of adopting IFRS as their local generally accepted accounting practice (GAAP)?

AIFRS are quick to implement which reduces the costs involved.

BSpecific local variations that might be needed will not be accommodated.

CFacilitates comparability with other countries who use IFRS as their local GAAP.

DEasier to adopt standards which have already been developed.

Show Suggested Answer

Suggested Answer: B

by Blondell at Jun 15, 2022, 08:07 AM

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