1.Which of the following statements is the most accurate?
A) The IASB requires companies that report to US GAAP to issue a reconciliation statement showing what its financial results would have been under IASB reporting requirements.
B) The SEC requires foreign firms that issue securities in the
C) Once a unified framework emerges, special reporting standards that apply to particular industries will no longer be permitted.
D) The going concern assumption is less relevant in the IASB framework than in the FASB framework.
2.Which of the following statements about the differences between the IASB framework and the FASB framework for preparing financial statements is least accurate?
A) The IASB framework places more emphasis on the going concern assumption.
B) The FASB framework states different objectives for business and non-business financial statement reporting, while the IASB framework has one objective for both.
C) The FASB requires that management consider the framework if no explicit standard exists on an issue, but the IASB does not.
D) In the FASB framework, relevance and reliability are the two primary characteristics, while the IASB framework also lists comparability and understandability as primary characteristics.
3.Which of the following statements about the elements of financial statements under the FASB and IASB frameworks is least accurate?
A) The IASB framework does not allow the values of assets to be adjusted upward.
B) IASB defines an asset as a resource from which a future economic benefit is expected.
C) The word “probable” is used by the FASB to define assets and liabilities.
D) The IASB framework lists income and expenses as the elements related to performance.
答案和详解如下：
1.Which of the following statements is the most accurate?
A) The IASB requires companies that report to US GAAP to issue a reconciliation statement showing what its financial results would have been under IASB reporting requirements.
B) The SEC requires foreign firms that issue securities in the
C) Once a unified framework emerges, special reporting standards that apply to particular industries will no longer be permitted.
D) The going concern assumption is less relevant in the IASB framework than in the FASB framework.
The correct answer was B)
In many cases a company will present a reconciliation statement showing what its financial results would have been under an alternative reporting system, but that is not always required. The SEC requires foreign firms that issue securities in the
2.Which of the following statements about the differences between the IASB framework and the FASB framework for preparing financial statements is least accurate?
A) The IASB framework places more emphasis on the going concern assumption.
B) The FASB framework states different objectives for business and non-business financial statement reporting, while the IASB framework has one objective for both.
C) The FASB requires that management consider the framework if no explicit standard exists on an issue, but the IASB does not.
D) In the FASB framework, relevance and reliability are the two primary characteristics, while the IASB framework also lists comparability and understandability as primary characteristics.
The correct answer was C)
The IASB requires management to consider the framework if no explicit standard exists on an issue, but FASB does not require this. The FASB framework states different objectives for business and non-business financial statement reporting; the IASB framework has one objective for both. The IASB framework places more emphasis on the going concern assumption. In the FASB framework, relevance and reliability are the two primary characteristics, while the IASB framework also lists comparability and understandability as primary characteristics.
3.Which of the following statements about the elements of financial statements under the FASB and IASB frameworks is least accurate?
A) The IASB framework does not allow the values of assets to be adjusted upward.
B) IASB defines an asset as a resource from which a future economic benefit is expected.
C) The word “probable” is used by the FASB to define assets and liabilities.
D) The IASB framework lists income and expenses as the elements related to performance.
The correct answer was A)
Differences in financial statement elements include: (1) The IASB framework lists income and expenses as the elements related to performance, while the FASB framework uses revenues, expenses, gains, losses, and comprehensive income. (2) FASB defines an asset as a future economic benefit, where IASB defines it as a resource from which a future economic benefit is expected. (3) The word “probable” is used by the FASB to define assets and liabilities, and by the IASB to define the criteria for recognition. (4) The FASB framework does not allow the values of most assets to be adjusted upward.
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