Chapter 11 Exercises - not one of the six common factors...

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Multiple Choice Questions 1. The International Accounting Standards Committee was replaced in April 2001 by the A. International Accounting Oversight Board. B. International Accounting Standards Board. C. European Union D. The Third Directive E. The United Nations Accounting Standards Committee 2. How many members currently serve on the IASB? A. 10 B. 12 C. 14 D. 16 E. 20 3. Which of the following are ways that a country could use IFRS? A. Adopt IFRS as domestic GAAP B. Require domestic companies to use IFRS for consolidated financial statements C. Allow domestic companies to use domestic GAAP or IFRS D. Require foreign stock exchange registrants to use IFRS instead of domestic GAAP. E. All of the above. 4. Which of the following is
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Unformatted text preview: not one of the six common factors that influence a countrys financial reporting practices? A. Legal system. B. Population. C. Inflation. D. Providers of financing. E. Taxation. 5. The process of reducing differences in financial reporting practices across countries is referred to as: A. Cooperation B. Reconciliation C. Joint Compromise D. Joint Adoption E. Harmonization Brief Essay Questions 1. Describe the three major types of differences that generally exist between U.S. GAAP and IFRS. Give an example of each type of difference. 2. What are the six primary reasons that accounting rules differ from country to country?...
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