Under IFRS, firms report a reversal of an impairment loss as other comprehensive income

The constraint of conservatism is best expressed as:

a. the cost of applying an accounting principle should not exceed its benefit. b. only material items should be recorded and reported. c. when in doubt, choose the method that will least likely overstate assets and net income. d. the lower-of-cost-or-market method should be used for inventories.

What is the primary focus of the new trade theory developed by Krugman, Helpman, and Lancaster?

A) protecting intellectual property rights B) expanding research and development C) developing economies of scale D) exploiting the experience curve