Companies needing to access new and ever larger sources of capital in response to increased international competitiveness face a severe disadvantage if their financial reporting

A) is in accordance with IFRS.
B) is in accordance with U.S.GAAP.
C) is based on a commercial and tax law approach.
D) is based on an economic performance approach.

International Competitiveness

A measure of a country's ability to compete in the global market, based on factors like quality, price, and innovation.

Financial Reporting

The activity of formulating pronouncements that illustrate an organization's financial status to its directors, patrons, and the government.

IFRS

IFRS, or International Financial Reporting Standards, are globally accepted standards for accounting that guide how transactions and other accounting events are reported in financial statements.