Question: A manager of a medium sized private company recently complained

A manager of a medium- sized, private company recently complained to you as follows: I’m very confused! I thought that all companies had to comply with IFRS starting in 2011. Now, after all our work to convert our systems to be IFRS- compliant, I hear that there are many companies that don’t use IFRS and that there may be are circumstances in which different versions of GAAP may be appropriate! Now what should we do?

Required:
Respond to the manager’s concern, and be sure to distinguish between general purpose and special purpose financial statements.


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  • CreatedFebruary 17, 2015
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