Which statement is most TRUE regarding Corporate Social Responsibility (CSR) Reporting as of April, 2022? [Most choices are blatantly, outrageously false. This is a fluid area so next year the answer may be different] a. In the U.S., the PCAOB exercises responsibility for setting CSR standards. b. There are no requirements for CSR Reporting for publicly-traded U.S. companies c. In the U.S., the SEC has delegated standard-setting for CSR to the AICPA. d. The FASB has agreed to endorse the use of IASB standards, by U.S. companies, for their CSR reports

Which statement is most TRUE regarding Corporate Social Responsibility (CSR) Reporting as of April, 2022? [Most choices are blatantly, outrageously false. This is a fluid area so next year the answer may be different] a. In the U.S., the PCAOB exercises responsibility for setting CSR standards. b. There are no requirements for CSR Reporting for publicly-traded U.S. companies c. In the U.S., the SEC has delegated standard-setting for CSR to the AICPA. d. The FASB has agreed to endorse the use of IASB standards, by U.S. companies, for their CSR reports

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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International Financial Reporting Standards are gaining support around the globe. In 2007, the SEC eliminated the requirement for foreign companies that issue stock in the United States to include in their financial statements a reconciliation of IFRS to U.S. GAAP. There also is serious discussion of allowing U.S. companies to choose whether to prepare their financial statements according to U.S. GAAP or IFRS. Required: Do you think U.S. companies should be allowed the choice of reporting under either U.S. GAAP or IFRS? Provide arguments both for and against this idea.
Why do U.S. companies keep using LIFO while IFRS prohibits it? a. LIFO provides a more realistic income statement since the most recent items purchased are what is measured on the income statement. b. LIFO assigns less weight to the balance sheet. c. The taxing authority in the U.S. has conformity provisions.
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 rease asons.
Choose the correct. 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.
Which of the following best describes the extent to which the SEC requires or permits the use of IFRS by U.S. public companies? Multiple Choice U.S. public companies are required to use IFRS. U.S. public companies may use IFRS, but must also provide a reconciliation to U.S. GAAP. U.S. public companies may choose between IFRS and U.S. GAAP. U.S. public companies are neither required nor allowed to use IFRS.
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.
A challenge facing U. S. companies adopting IFRS is ______________________________. a.certain areas exist where convergence may not be achieved b.all options are correct c.the costs incurred to do so d.the subjectivity introduced into financial reporting
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.
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?
Which of the following events caused international accounting standards to become more widely adopted? A. The creation of the International Accounting Standards Committee in 1973. B. The announcement by the European Union (EU) that listed companies within EU countries would have to adopt international reporting standards.' C. The creation of the International Accounting Standards Board in 2001. D. the U.S. Securities and Exchange Commission acceptance of international reporting standards for companies listed on the U.S. securities exchanges.
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.
What choice(s) do private enterprises have in their financial reporting in Canada? a. They have no choice at all; they will need to report under IFRS b. They may elect to continue with differential reporting. c. They may adpot accounting priniciples that are appropriate to the circumstances. d. They may elect to report under either IFRS or ASPE but once adopted, must use all the standards.