Time left 1:20:46 estion 7 What important issues do IFRS adopters need to address? yet wered ked out of Remove flag a. They need to help companies to switch from local GAAP to IFRS; they need to establish enforcement institutes; they need to adopt IFRS to address their countries' specific accounting issues. ? O b. No issues. Once they adopt IFRS, all problems are solved c. They need to join EU O d. They need to translate IFRS into their own language Clear my choice on 6 What basis does the International Accounting Standards Board use in developing IFRS? ed out of question a. Typical tax laws of western nations b. A framework for deriving general principles c. Detailed rules to govern accounting practice O d. Exceptions or unusual circumstances that require special attention Clear my choice Jestion 4 ot yet swered Which of the following items NOT considered to be a significant impediment to accounting convergence? arked out of DO Remove flag a. High cost of convergence b. Better comparability of financial statements C. Nationalism O d. Significant differences in existing standards Clear my choice -n 3 Which of the following is NOT an objective of the International Accounting Standards Board? ed out of question a. To promote the use and application of global accounting standards O b. To encourage convergence of national accounting standards and international accounting standards C. To establish worldwide uniformity of accounting practice O d. To develop a single set of enforceable global accounting standards Clear my choice Time left 1:58:05 stion 1 yet vered The International Accounting Standards Board was preceded by: ked out of a. the ASEAN. b. the NRC. lag question C. the IOSCO. d. the IASC. Clear my choice Time left 1:57:22 2 What is the goal of accounting standards harmonization? (not convergence) d but of question a. Creating one set of standards used throughout the world O b. Producing accounting standards that are unique for each country O c. Forcing compliance with IASB regulations d. Reducing the conflict among national accounting standards Clear my choice on 5 Which of the following statement is true about IFRS and U.S. GAAP convergence I saved out of nove flag O a. U.S. currently has no plan to adopt IFRS O b. U.S. has no plan to converge U.S. GAAP and IFRS O c. IFRS chairman believe if U.S. does not adopt IFRS, IFRS will fail O d. U.S. will adopt IFRS by 2025 Clear my choice