All of the Following Are False Regarding International Accounting Standards

question 51

Multiple Choice

All of the following are false regarding international accounting standards (IAS) except which of the following?

• A)The SEC requires all companies to use IAS.
• B)There are no substantive differences between U.S.GAAP and IFRS.
• C)The SEC prohibits U.S.stock exchanges from listing non-U.S.companies who follow IFRS.
• D)All public companies in the European Union are required to report using IFRS and IAS.

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Definitions:

Subjective Rating

An evaluation or judgment that is based on personal opinions, feelings, or tastes, rather than on external evidence or objective criteria.

Dichotomous

Divided or dividing into two sharply distinguished parts or classifications.

Mental Measurements Yearbook

A collection of consumer-oriented test reviews designed to promote informed test selection that is published every few years by the Buros Center for Testing at the University of Nebraska.

Personality Inventory

A questionnaire or other standardized instrument designed to assess various aspects of a person's character, temperament, and interests.