4. Today several countries still do not permit domestic-listed companies to use IFRS. Required: Identify three countries from this group that are likely to have different reasons for not permitting the use of IFRS by domestic-listed companies. Describe those reasons.
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- Choose the correct. Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements. c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.A. 61. Which of the following statements about international accounting standards is true? A. Accounting professionals in the USA consider US GAAP superior to IAS and has nointention to adopt International Accounting Standards.B. The IASB is able to enforce its standards by prohibiting the listing of companies which donot comply on stock exchanges which sell internationally.C. The International Accounting Standards Board (IASB) was established with the purposeof narrowing the range of divergence in accounting standards throughout the world.D. Legal and psychological hurdles to achieving common reporting standards will be fullyovercome by the year 2012, the time frame set for convergence between IAS and USGAAP.Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements.c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.
- 2. Since 2005, publicly traded companies in the EU have been required to use IFRS in preparing their consolidated financial statements. Required: a. Explain the EU's objective in requiring the use of IFRS. b. Identify and describe two issues that might hamper the EU from achieving the objective underlying the use of IFRS.Which of the following statements about the accounting standards used in other countries is correct? Multiple Choice OU.S. GAAP is used worldwide. O O IFRS are used by all countries. Saved More and more countries are using IFRS. There are no plans to converge U.S. GAAP with IFRS.Which of the following is true regarding GAAP and IFRS? None of the answers are correct. GAAP and IFRS require specific information be presented in the financial statements for U.S. and international companies. GAAP and IFRS require specific terminology be used in the financial statements. GAAP and IFRS determine the financial reporting requirements for specialized companies in a limited number of industries. GAAP and IFRS are not similar in their reporting requirements.
- The approach that identifies the relevant environmental factors and linking it with national accounting practices, an international grouping or pattern of development proposed is: а. Qualitative approach. b. Deductive Approach. С. Subjective approach. d. Inductive Approach. The forward rate in a forward contract: а. is said to be at a discount if it exceeds the spot rate at the inception of the contract. b. changes as the spot rate changes. С. None of the above are true. d. is the spot rate at the expiration date of the contract.Sarbanes Oxley applies to O U.S companies but not international companies. O international companies but not U.S. companies. OU.S. and Canadian companies but not other international companies. O companies listed on U.S. exchanges.Choose the correct. Which of the following best describes the extent to which the SEC requires or permits the use of IFRS by U.S. public companies?a. U.S. public companies are required to use IFRS.b. U.S. public companies may choose between IFRS and U.S. GAAP.c. U.S. public companies may use IFRS, but must also provide a reconciliation to U.S. GAAP.d. U.S. public companies are neither required nor allowed to use IFRS.
- Explain disadvantages of wholly owned subsidries. (Answer should be free of plagiarism,it must contain proper facts and figures and examples from diversified countries)According to the IFRS Foundation, approximately how many countries either require or permit the use of IFRS by publicly traded companies?a. 40 countries.b. 80 countries.c. 115 countries.d. 195 countries.13 XYZ Corporation is a U.S.-based corporation. It has decided to move some of its accounting operations abroad. The company will continue to use U.S. GAAP for external reporting purposes. Should the company insist that the employees located in the international locations follow the U.S.-based corporate culture? Explain?