3. Rita is an accountant who recently accepted a management role at Chiba Limited,
a communications company based in India with an office in the United States. One
reason Rita was hired at this company was her experience as an international
accountant and her familiarity with International Financial Reporting Standards
(IFRS).
Rita soon learns that in India, IFRS standards are not followed, nor are GAAP
standards. Instead, India has its own set of accounting standards. These standards
are very confusing and seem to apply to different businesses in different ways. How
might this pose a problem? (4 points)