On February 4, 2002, the stock of Tyco International Ltd. (Tyco) plunged 10.4% as investors reacted to
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Tycos chief financial officer explained that the company clearly reports the net amount of cash it pays for all acquisitions, but does not disclose the details on its many smaller deals because they are immaterial.
Tyco is an international conglomerate whose recent years earnings have been about $5 billion; it has a market value of equity of $60 billion.
Required:
Discuss the issues raised by the above fact pattern in relation to the IFRS Framework and financial accounting theory.
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