Choose the correct. Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.

Choose the correct. Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter1: Introduction To Business Activities And Overview Of Financial Statements And The Reporting Process

Section: Chapter Questions

Problem 14Q

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Similar questions

Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.
Choose the correct. What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.
Choose the correct. Which of the following statements is true for a foreign company registered with the U.S. SEC to list its stock on the New York Stock Exchange?a. The company must file an annual report with the SEC that is prepared in accordance with U.S. GAAP.b. The company may file an annual report with the SEC that is prepared in accordance with IFRS but must also provide a reconciliation of IFRS to U.S. GAAP.c. The company must file an annual report with the SEC that is prepared in accordance with IFRS but must also provide a reconciliation of IFRS to U.S. GAAP.d. The company may file an annual report with the SEC that is prepared in accordance with IFRS but need not also provide a reconciliation of IFRS to U.S. GAAP.
Foreign companies whose stocks are listed on the New York stock exchange (NYSE) must report their income in terms of Select One: a. Accounting Standard b. European Accounting Standard c. Political Report d. GAAP of the USA
What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?
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.
Albania, Inc. is an SEC-registered corporation whose securities are listed in the Philippine Stock Exchange. The audit committee of Albania’s Board of Directors engages a CPA to perform an independent audit of Albania’s financial statements. The primary objective of this audit is to provide assurance to a. the stockholders of Albania b. the Securities and Exchange Commission c. the management of Albania d. the Philippine Stock Exchange
Critically discuss the effective mechanisms that preparers and users of annual financial statements of listed companies could adopt in order to cope with international differences?
For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, AICPA auditing standards, or PCAOB auditing standards. An audit of a U.S. private company with no public equity or debt. An audit of a German private company with public debt in Germany. An audit of a U.S. broker-dealer registered with the SEC. An audit of a United Kingdom public company that is listed in the United STates and whose financial statements will be filed with the SEC. An audit of a U.S. not for profit organization An audit of a U.S. private company to be used for a loan from a publicly traded bank. An audit of a U.S. public company. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan.
Whether or whether U.S. corporations adopt IFRS is dependent on the variations in how comparable data is presented under GAAP and International Financial Reporting Standards.
Do all transactions by U.S. companies with foreign parties require special accounting procedures by the U.S. companies? Explain.
For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, U.S. generallyaccepted auditing standards, or PCAOB auditing standards.a. An audit of a U.S. private company with no public equity or debt.b. An audit of a German private company with public debt in Germany.c. An audit of a U.S. public company.d. An audit of a United Kingdom public company that is listed in the United States andwhose financial statements will be filed with the SEC.e. An audit of a U.S. not-for-profit organization.f. An audit of a U.S. private company to be used for a loan from a publicly traded bank.g. An audit of a U.S. public company that is a subsidiary of a Japanese company thatwill be used for reporting by the parent company in Japan.h. An audit of a U.S. private company that has publicly traded debt.