Indicate whether each statement is true or false. If the statement is false, provide a brief explanation of why it is false.
1. A private company based in Canada must follow the recommendations of the CPA Canada Handbook.
2. A company that reports in U. S. dollars must use U. S. accounting standards.
3. A company cannot report under Canadian accounting standards unless it uses Canadian dollars as the unit of presentation in its financial statements.
4. A Canadian company that is listed on the TSE may use U. S. accounting standards.
5. All companies listed on the NYSE must use U. S. accounting standards.
6. The U. S. SEC will accept financial statements from U. S.- listed foreign companies in their home- country accounting standards.
7. Each country that accepts IFRS commits to using the full set of standards.
8. A Canadian private enterprise does not have access to outside investors if it uses Canadian ASPE.
9. Under Canadian ASPE, a company must report in its functional currency.
10. A private Canadian company that is a subsidiary of a U. K. parent company may not report in British pound sterling unless the pound also is its functional currency.