Q1. Which of the following statements is the most accurate? A) The SEC requires foreign firms that issue securities in the U.S. to reconcile their financial statements to U.S. GAAP. B) 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. C) The going concern assumption is less relevant in the IASB framework than in the FASB framework.
Q2. 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) The word “probable” is used by the FASB to define assets and liabilities. C) The IASB framework lists income and expenses as the elements related to performance.
Q3. 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 FASB requires that management consider the framework if no explicit standard exists on an issue, but the IASB does not. 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) In the FASB framework, relevance and reliability are the two primary characteristics, while the IASB framework also lists comparability and understandability as primary characteristics.
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发表于 2009-1-16 10:44
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