Private Canadian enterprises can choose to follow either Select one: a. GAAP or CAS b. IFRS...
Private Canadian enterprises can choose to follow either
Select one:
a. GAAP or CAS
b. IFRS or ASPE
c. IFRS or CAS
d. ASPE or GAAP
Homework Answers
A private enterprise can choose to adopt either International Financial Reporting Standards (IFRS or Part I of the Handbook) or ASPE (Part II of the Handbook).
Thus the answer is B)
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Private Canadian enterprises can choose to follow either
Select one:
a. GAAP or CAS
b. IFRS...
For Canadian publicly accountable enterprises, the normal GAAP to be followed is: Multiple Choice O IFRS...
For Canadian publicly accountable enterprises, the normal GAAP to be followed is: Multiple Choice O IFRS ASPE A disclosed basis of accounting O US GAAP
Which of the following statements is true? O Public companies must follow IFRS and nonpublic companies...
Which of the following statements is true? O Public companies must follow IFRS and nonpublic companies may follow IFRS. O Public companies may follow either IFRS or ASPE and nonpublic companies must follow ASPE. O Public companies must follow IFRS and nonpublic companies must follow IFRS. O Every company can choose the financial reporting standards which it would like to follow. Either IFRS or ASPE
Preparation of quarterly financial statements is required by Select one: a. both ASPE and IFRS b....
Preparation of quarterly financial statements is required by Select one: a. both ASPE and IFRS b. IFRS C. ASPE d. most stock exchanges
The IFRS Interpretations include (choose two): Select one or more: A) The IFRS Framework B) Standards...
The IFRS Interpretations include (choose two): Select one or more: A) The IFRS Framework B) Standards Interpretations Committee (SIC) Interpretations, issued pre-2001 C) IFRS Interpretations Committee (IFRIC) Interpretations, issued since 2001 D) International Financial Reporting Standards (IFRS), issued since 2001 E) International Accounting Standards (IAS), issued pre-2001
1.Under IFRS 9, IFRS companies can choose from which of the following options for reporting their...
1.Under IFRS 9, IFRS companies can choose from which of the following options for reporting their investments in debt securities, depending on investment objectives? A. Amortized cost or FV-OCI B. FV-NI, FV-OCI, or amortized cost C. Amortized cost or FV-NI D. FV-NI or FV-OCI 2.Which statement is true regarding U.S. GAAP and IFRS for joint ventures? A. Both U.S. GAAP and IFRS require consolidation of joint ventures. B. U.S. GAAP reports joint ventures using the equity method, and IFRS requires...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group of answer choices B. All companies now have a choice between different sets of financial reporting standards C. The IASB and FASB use the exact same conceptual framework to generate accounting standards D. All companies will produce financial statements in English A. Increased comparability between financial statements produced in different countries As a result of the convergence efforts since 2007: Group of answer choices...
Comparing US GAAP with IFRS, US GAAP is regarded as: A. Rules Based standards B. Princi
Comparing US GAAP with IFRS, US GAAP is regarded as: A. Rules Based standards B. Principles Based Standards C. Both are one in the same D. More Harmonization allowed. The study of perspectives of accounting academicians and practitioners, findings were that the majority believe that effective convergence of one accepted standard s was: A. Standard Setters B. Speculators in companies hidden assets c. Government Authorities D. All of the above Sustainability standards issued are the responsibility of the A. SASB B. FASB C. IASB D. IFAC
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B....
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B. Are established by the International Accounting Standard Board (IASB) D. Are established by the Securities and Exchange Commission (SEC) C. Are enforced by the International Accounting Standard Board (IASB) 2) What are the main reasons why US GAAP and IFRS differ? D. Cultural differences have no effect on developing multiple different standards in the world including IFRS and US GAAP ...
25. The Revaluation Surplus of IFRS is A) B) C) D) similar to GAAP in that...
25. The Revaluation Surplus of IFRS is A) B) C) D) similar to GAAP in that it allows both increases and decreases in valuation. similar to GAAP in that it only allows for the decrease in valuation. similar to GAAP in that it only allows for the increase in valuation. different than GAAP in that it allows the increase in valuation.
Which of the following statements is true? Select one: a. Separation of continuing operations' income from...
Which of the following statements is true? Select one: a. Separation of continuing operations' income from discontinued operations' income is required only by IFRS, but not by ASPE. b. Separation of continuing operations' income from discontinued operations' income is required only by ASPE, but not by IFRS C. Separation of continuing operations' incomefrom discontinued operations' income is required by both IFRS and ASPE. d. Separation of continuing operations' income from discontinued operations' income is not required by IFRS or ASPE
For Canadian publicly accountable enterprises, the normal GAAP to be followed is: Multiple Choice O IFRS ASPE A disclosed basis of accounting O US GAAP
Which of the following statements is true? O Public companies must follow IFRS and nonpublic companies may follow IFRS. O Public companies may follow either IFRS or ASPE and nonpublic companies must follow ASPE. O Public companies must follow IFRS and nonpublic companies must follow IFRS. O Every company can choose the financial reporting standards which it would like to follow. Either IFRS or ASPE
Preparation of quarterly financial statements is required by Select one: a. both ASPE and IFRS b. IFRS C. ASPE d. most stock exchanges
25. The Revaluation Surplus of IFRS is A) B) C) D) similar to GAAP in that it allows both increases and decreases in valuation. similar to GAAP in that it only allows for the decrease in valuation. similar to GAAP in that it only allows for the increase in valuation. different than GAAP in that it allows the increase in valuation.
Which of the following statements is true? Select one: a. Separation of continuing operations' income from discontinued operations' income is required only by IFRS, but not by ASPE. b. Separation of continuing operations' income from discontinued operations' income is required only by ASPE, but not by IFRS C. Separation of continuing operations' incomefrom discontinued operations' income is required by both IFRS and ASPE. d. Separation of continuing operations' income from discontinued operations' income is not required by IFRS or ASPE
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