.
A) Present financial statements that comply with international GAAP.
B) Conform with U.S. GAAP or present a reconciliation to U.S. GAAP.
C) Have a demonstrated need for capital to be used for operations in the U.S.
D) Use the U.S. dollar as their reporting currency.
E) Either use IFRS, or otherwise use foreign GAAP with a reconciliation to U.S. GAAP.
A) FASB adopting an existing IASB Standard.
B) IASB adopting an existing FASB standard.
C) FASB and IASB issuing an identical standard.
D) FASB working with IASB to develop a new standard.
E) Realizing that identical standards, rather than similar standards, is not realistic.
A) The country’s legal system.
B) The country’s political system.
C) The taxation system.
D) The country’s cultural system.
E) The country’s level of inflation.
A) Business Combinations.
B) First-Time Adoption of IFRS.
C) Financial Instruments: Disclosures.
D) Interim Financial Reporting.
E) Operating Segments.
A) Accounting practice currently emphasizes political colonialism.
B) Accounting standards previously emphasized accounting highly inflationary economies.
C) Banks are the primary source of financing for companies.
D) Accounting standards focus are based on recent market economy reforms.
E) Accounting information is prepared to meet the needs of governmental planners.
A) Require foreign companies listed on that country’s stock exchange to use IFRS for consolidated financial statements.
B) Allow foreign companies listed on that country’s stock exchange to use IFRS.
C) Permit its domestic companies listed on that country’s stock exchange to use IFRS.
D) Adopt IFRS as that country’s national GAAP.
E) All of these answer choices are correct.
A) FASB adopting an existing IASB standard.
B) IASB adopting an existing FASB standard.
C) IASB issuing a new standard.
D) IASB and FASB jointly developing a new standard.
E) IASB and FASB each issuing a similar but not identical standard.
A) Presentation differences.
B) Measurement differences.
C) Disclosure differences.
D) Comparability differences.
E) Classification differences.
A) The IASB does not have the ability to enforce proper usage of IFRS.
B) IFRS is available to any organization or nation that wishes to use those standards.
C) IFRS is a comprehensive set of financial reporting standards.
D) IFRS includes only pronouncements issued by the IASB.
E) IFRS are considered as generally accepted accounting principles.
A) The nature of the country’s financing system
B) The country’s current economic conditions
C) The ability to control inflation
D) A strong equity financing system which is more conservative, minimal disclosures, and tight tax laws.
E) A weak equity financing system which is less conservative, extensive disclosures and loose tax laws.
A) Measuring impairment.
B) Classifying preferred shares of stock.
C) Sale and leaseback gain recognition.
D) Measuring salaries expense.
E) Prior service cost recognition for defined benefit plans.
A) Form 8-A.
B) Form 10-A.
C) Form 16-K.
D) Form 20-F.
E) Form 20-K.
A) IASB.
B) IASC.
C) IOSCO.
D) FASB.
E) EU.
A) Small Manufacturing Enterprises.
B) Governmental entities.
C) Companies whose shares of stock are not publicly traded.
D) Not-for-profit organizations.
E) Special Model Entities.
A) December 31, 2018.
B) December 31, 2017.
C) January 1, 2017.
D) January 1, 2018.
E) January 1, 2019.
A) No amount will be recorded but an amount will be disclosed in the notes to the financial statements.
B) $110,000
C) $220,000
D) $235,000
E) $250,000
A) No amount will be recorded but an amount will be disclosed in the notes to the financial statements.
B) $50,000
C) $60,000
D) $100,000
E) $150,000
Leases, Research and Development, Revenue Recognition, and Fair Value Measurement.
Leases, Revenue Recognition, Fair Value Measurement, and Joint Ventures.
Insurance Contracts, Post-Employment Benefits, Income Taxes and Impairment
Insurance Contracts, Income Taxes, Leases, and Revenue Recognition.
Revenue Recognition, Leases, Insurance Contracts, and Income Taxes.
A) Debit development expense and credit copyright for the year ended December 31, 2018.
B) Debit copyright and credit copyright expense at January 1, 2018.
C) Debit copyright and credit research and development expense for the year ended December 31, 2017.
D) Debit copyright and credit stockholders’ equity at January 1, 2018.
E) Debit stockholders’ equity and credit research and development expense at January 1, 2018.
A) Comparing companies in the same industry that are headquartered in different countries.
B) Translating foreign currency balances into U.S. dollars.
C) Converting local GAAP financial statements into U.S. GAAP for consolidation purposes.
D) Maintaining separate accounting records in both the local and U.S. GAAP.
E) Identifying and retaining personnel who are competent to prepare financial statements in both international and domestic accounting standards.