Which of the following best describes the extent to which the SEC requires or permits the use of IFRS by U.S. publi 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.

Which of the following best describes the extent to which the SEC requires or permits the use of IFRS by U.S. publi 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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11MC: Which of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that...

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Which of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that internal controls are properly documented and tested by public companies. B. It applies to both public and smaller companies. C. It requires all companies to report their internal control policies to the US Securities and Exchange Commission. D. It does not require additional costs or resources to have adequate controls.
Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)
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.
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.
Which private sector that is not under any direct governement control can the SEC accept or reject rules created? AIPCA or FASB
How does a company determine if it should use an ABO, PBO, or VBO calculation? Is the determination made or impacted by legal requirements of the federal or state government?
Do you believe that the current international accounting standard-setting arrangements, based around the IASB, are at risk of regulatory capture? Why or why not?
Under federal securities laws, the SEC has the authority to set accounting standards in the United States. True /False ?
Can you think of any reasons why the SEC relies on private sector bodies to set accounting standards, ratherthan undertaking the task itself?
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.
Publicly-traded companies, domiciled in the United States, must adhere to standards, rules, regulations and laws issued by _____. A. The FASB B. Each of these regulatory bodies C. The IRS D. The SEC
If an investment bank offers both underwriting/distribution functions and investment advisory or management functions, which situation would be acceptable under U.S. Securities and Exchange regulations and ethics guidelines with regard to material non-public information (MNPI)?