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1. In the United States, foreign companies filing annual reports with the SEC
that are
not
prepared in accordance with U.S. GAAP must:
2. Which of the following are
not
key FASB initiatives to further converge
IFRS and U.S. GAAP?
3. In countries where there is less pressure for public accountability and
information disclosure:
4. Which of the following is
not
an IFRS pronouncement originally issued by
the IASB?
5. In countries of Latin America:
6. Which of the following is
not
a way for a country to use IFRS?
7. Convergence of accounting standards would
not
occur by:
8. The types of differences that exist between IFRS and U.S. GAAP would
not
generally include:
9. Which of the following is
not
true about IFRS?
10. Which one of the following is
not
a background requirement for any IASB
members?
11. Which of the following are
not
authoritative pronouncements of
International Financial Reporting Standards (IFRSs)?
1) International Financial Reporting Standards issued by the IASB
2) International Accounting Standards issued by the IASC and adopted by the
IASB
3) Interpretations originated by the International Financial Reporting
Interpretations Committee (IFRIC)
4) U.S. Generally Accepted Accounting Principles
12. The IASB and FASB are working on several joint projects. Which of the
following is
not
a topic of the Revenue Recognition Project?
13. Which of the following is
not
a factor influencing a country's financial
reporting practices?
14. Which of the following statements is
false
regarding a country's legal
system?
15. Which of the following statements is
false
regarding providers of
financing?
16. Which of the following is
not
a problem caused by diverse accounting
practices across countries?
17. A U.S. company has many foreign subsidiaries and wants to convert its
consolidated financial statements from U.S. GAAP to IFRS. Which of the
following items is
not
one of the likely accounting issues to resolve for the
opening IFRS balance sheet?
18. A U.S. company has many foreign subsidiaries and wants to convert its
consolidated financial statements from U.S. GAAP to IFRS. Which of the
following items is
not
one of the likely accounting issues to resolve for the
opening IFRS balance sheet?
19. Foreign companies whose stock is listed on a U.S. stock exchange and
using foreign GAAP other than IFRS must file their annual report with the SEC
on:
20. What international organization currently promulgates IFRS?
21. Which topic was
not
covered by FASB under the short-term convergence
project?
22. The IASB and FASB are working on several joint projects. What is the
purpose of the Financial Statement Presentation Project?
23. The IASB and FASB are working on several joint projects. What is the
purpose of the Revenue Recognition Project?
24. The following information pertains to inventory held by a company at
December 31, 2011.
What amount of inventory should be reported under U.S. GAAP?
25. The following information pertains to inventory held by a company at
December 31, 2011.
What is the amount of inventory loss shown on the income statement under U.S.
GAAP?
