How does knowledge of both GAAP and IFRS benefit a financial accountant working in a global company?

• A. It eliminates the need for understanding local tax laws.
• B. It allows the accountant to prepare financial statements that comply with both domestic and international regulations.
• C. It ensures that the accountant can work only in the US.
• D. It simplifies the process of managerial decision-making.

Answer: (B)