INTERNATIONAL ACCOUNTING LL W/CONNECT
5th Edition
ISBN: 9781264100293
Author: Doupnik
Publisher: MCG
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Chapter 3, Problem 4EP
To determine
List the three countries that have different reasons for not permitting the use of IFRS (International Financial Reporting System) by domestic listed companies.
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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.
According to the IFRS Foundation, approximately how many countries either require or permit the use of IFRS by publicly traded companies?a. 40 countries.b. 80 countries.c. 115 countries.d. 195 countries.
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XYZ Corporation is a U.S.-based corporation. It has decided to move some of its accounting operations abroad. The company will continue to use U.S. GAAP for external reporting purposes. Should the company insist that the employees located in the international locations follow the U.S.-based corporate culture? Explain?
Chapter 3 Solutions
INTERNATIONAL ACCOUNTING LL W/CONNECT
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - 8. Are there any major accounting issues that have...Ch. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - What are the conditions to be satisfied if a firm...Ch. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 2EPCh. 3 - Prob. 3EPCh. 3 - Prob. 4EPCh. 3 - Prob. 5EPCh. 3 - 7. The appendix to this chapter describes what is...Ch. 3 - In its 2003 annual report, Honda Motor Company LTD...Ch. 3 - Prob. 10EPCh. 3 - Prob. 11EPCh. 3 - 14. Recently the IASB revised IFRS...Ch. 3 - Prob. 13EPCh. 3 - Prob. 14EPCh. 3 - Prob. 15EPCh. 3 - Prob. 1C
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- Which of the following is true regarding GAAP and IFRS? None of the answers are correct. GAAP and IFRS require specific information be presented in the financial statements for U.S. and international companies. GAAP and IFRS require specific terminology be used in the financial statements. GAAP and IFRS determine the financial reporting requirements for specialized companies in a limited number of industries. GAAP and IFRS are not similar in their reporting requirements.arrow_forwarddiscuss some of the issues that some U.S. accountants have with IFRS. There are some fundamental differences between U.S. GAAP and IFRS that many believe should prevent the U.S. from convergence.arrow_forwardChoose 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.arrow_forward
- Do all transactions by U.S. companies with foreign parties require special accounting procedures by the U.S. companies? Explain.arrow_forwardChoose the correct. Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements. c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.arrow_forwardWhat are the legal choices on Australian Company can about its constitution 2021? Does it need a constitution? When can it use the reaceable rules? Does it need a company or common seal? Explain the legal rules which Apply in Australia in 2021?arrow_forward
- 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.arrow_forwardWhy do U.S. companies keep using LIFO while IFRS prohibits it? a. LIFO provides a more realistic income statement since the most recent items purchased are what is measured on the income statement. b. LIFO assigns less weight to the balance sheet. c. The taxing authority in the U.S. has conformity provisions.arrow_forwardMany corporations struggles, to align the financial statements prepared by foreign branches with that of the parent company’s statement’s due to differences in rules followed by accounting standards such as IFRS and gaap.Explain few comparison examples on companies which adhere to those standardsarrow_forward
- Choose the correct. For a U.S.-based company, which of the following would be an acceptable presentation of countries for providing information by geographic area?a. United States, Mexico, Japan, Spain, All Other Countries.b. United States, Canada and Mexico, Germany, Italy.c. Europe, Asia, Africa.d. Canada, Germany, France, All Other Countries.arrow_forwardChoose the correct. Under current U.S. accounting guidelines, which of the following items of information is a company not required to disclose, even if it were material in amount?a. Revenues generated from sales of its consumer products line of goods.b. Revenues generated by its Japanese subsidiary.c. Revenues generated from export sales.d. Revenues generated from sales to Walmart.arrow_forwardWhat if the car companiesTesla and Ford are operating in a country that the social and environmental accounting is voluntary? would there be any differences?arrow_forward
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