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True or False
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1
Differences in accounting practices from country to country relate only to the presentation of financial statements.
A)True
B)False
2
Canadian companies listed on U.S. stock exchanges are required by the Securities and Exchange Commission (SEC) to prepare financial statements in accordance with U.S. GAAP.
A)True
B)False
3
In all countries, income tax has a minimal effect on how net income is measured for financial reporting.
A)True
B)False
4
Accounting and disclosure standards tend to be more extensive in countries where publicly traded debt and equity securities play a substantial role in the financing of business activities.
A)True
B)False
5
An example of the different measurement basis for Canadian GAAP and IFRS would be the option of reporting investment and development properties at fair market value
A)True
B)False
6
Financial reporting in the United States is very similar to that in Canada.
A)True
B)False
7
In Canada the harmonization of Canadian GAAP with IFRS will apply to non-publicly accountable enterprises, but not to non-for-profit organizations.
A)True
B)False
8
The adoption of IFRS by the European Union required each member country to change their domestic accounting standards.
A)True
B)False
9
The objective of the IASB is to cooperate with national accounting standard setters in order to achieve convergence in international accounting standards.
A)True
B)False
10
International financial reporting standards (IFRS) are intended to replace the previous standards issued by the IASC.
A)True
B)False





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