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:

Gross Private Domestic Investment

The total amount of money spent on investment in physical assets (such as buildings and machinery) by the private sector.

Government Spending

The total amount of money that the government expends on goods, services, and public projects to provide for citizens or stimulate the economy.

Aggregate Spending

The total spending in an economy on domestic goods and services, including consumption, investment, government expenditures, and net exports.

Net Exports

Net Exports is the value of a country's total exports minus its total imports, representing the net effect of foreign trade on the economy.