General purchasing power accounting O is required for U.S. companles If the Inflation rate exceeds 10 percent three years in a row. is designed to report accounts In units of the same purchasing power. assumes that the general level of inflation is Irrelevant is not permitted in British accounting Question 28 (3 points) Which of the following is true concerning inflation disclosures? OThe gearing adjustment was developed primarily for the auto industry The Dutch prefer to use historical cost accounting due to its objectivity. Current cost adjustments are based on the fact that the value of money has fallen. OThe IASB does not recommend one specific approach to account for inflation Question 29 (3 points) Inflation accounting regulations would tend to be more detailed and comprehensive in which of the following systems? Othe common law system O countries that follow the British tradition the civil law system countrics where culture is influential