Exercises requiring basic (free) access to ifrs.org. (Become a registered user for free to access individual standards.)

1. Has South Africa adopted IFRS? Describe your process for locating this information.

2. Locate an IFRS/U.S. GAAP comparison guide. Name one difference between the U.S. GAAP and IFRS requirements related to contingent liabilities.

3. Locate IAS 7, and identify the guidance considered integral to this standard. Explain how you located this information.

4. Locate the most recent Form 20-F of Toyota Motor Corporation.

a. First, determine whether the financial statements were prepared in accordance with IFRS or another reporting framework, and describe where you located this basis of preparation information.

b. Considering what you learned in this chapter, why might Toyota be permitted to prepare financial statements for the U.S. SEC in accordance with a reporting framework other than GAAP?

c. Finally, identify Toyota's auditors and describe the auditing standards applied by the company's auditors.