Which Decision Has Canada Made with Respect to Financial Reporting

question 10

Multiple Choice

Which decision has Canada made with respect to financial reporting for small and medium sized enterprise?

• A) To adopt the IFRS standards for small and medium sized enterprises.
• B) To retain the current standards.
• C) To look to US GAAP for standards.
• D) To develop and maintain its own standards for private enterprises.

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Definitions:

Conscientiousness

A characteristic embodying reliability, a well-organized nature, and a profound commitment to responsibilities.

Neuroticism

A personality trait characterized by sadness, moodiness, and emotional instability.

Extraversion

A personality trait typified by sociability, talkativeness, assertiveness, and high amounts of emotional expressiveness.

Openness to Experience

A personality trait that entails a willingness to try new things, embrace new ideas, and be imaginative and creative.