Chapter 18, Problem 2CCTC

20) Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all of the following except: a) Both require that changes to the valuation reserve be disclosed in the notes to the financial statements. b)Both require disclosure of significant accounting policies. c) Both require the preparation of financial statements annually. d) Both generally require the use of the current/ non-current classification for both assets and liabilities. e) Cash

Define each following terms: p. American depository receipts (ADRs); repatriation of earnings q. Country risk; exchange rate risk; political risk; business climate

contrast cash fl ow statements prepared under International Financial Reporting Standards(IFRS) and US generally accepted accounting principles (US GAAP);