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.

A BDO audit client subject to SEC independence rules make financial reporting software. The audit client wants BDO to become a reseller of their software. The terms would be the same as those offered to any other reseller. The relationship would be immaterial to both BDO and the client. Is this permitted under SEC rules? Yes, because it is immaterial to both parties. No, because reseller arrangements are business relationships and the SEC does not permit the audit firm to have a business relationship with an audit client. Yes, because BDO is not the only reseller and would be offered the same terms as any other reseller.

If a corporation may be violating federal and state laws governing environmental concerns, which one of the following types of audit will best assist in ascertaining whether such situations may exist?

Describe a current or historical M&A deal that faced regulatory scrutiny. Discuss how the deal terms allocated the risk and the actions taken to alleviate the concerns (or why the deal did failed because of the regulations).

Who should set accounting standards? A government agency or private body such as the FASB?

17.The UCC holds a merchant Group of answer choices -to a higher standard than a non-merchant -to the same standard as a non merchant -to whatever standard the parties agree to -the UCC does not address the status of merchants   18.What is the most accurate statement about the Uniform Commercial Code?   Group of answer choices -It has been adopted as advisory in most states -it has been adopted almost in its entirety as a statute in every state -Some states have adopted as a statute, others have not -it is only an academic code, it does not have the force of law   19. The UCC defines “sale” as Group of answer choices -a contract for the sale of goods -a sales agreement between merchants -the passing of title from the seller to the buyer for a price -the UCC does not define sale   20.To be a “good” an item must be Group of answer choices -tangible and movable -fungible -not permanently attached to real property -of good quality   21.It is the…

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?

For a cash basis taxpayer, income that has not actually been received by the taxpayer is taxed as though it had been received, thus income is considered constructively received when (mark apply that apply): A. The constructive receipt doctrine does not apply to income the taxpayer is not yet entitled to receive. B. The purpose of the constructive receipt doctrine is to prevent a cash basis taxpayer from deferring the recognition of income that, although not yet received, has been made practically available to the taxpayer. OC. The taxpayer's actual receipt is not subject to substantial limitations or restrictions. D. The amount is made readily available to the taxpayer. E. None of these are true.

Explain how the closing process is different between accounting under IFRS versus U.S. GAAP

A core objective of the International Organization of Securities Commissions is to: B . protect users of fi nancial statements.