All of the Following Are Ways a Country May Use

question 52

Multiple Choice

All of the following are ways a country may use IFRS except:

• A) A country may require foreign companies listed on its domestic stock exchange to use IFRS.
• B) A country may permit companies listed on its domestic stock exchange to use IFRS.
• C) A country may permit foreign companies listed on a foreign stock exchange to use foreign GAAP.
• D) A country may require companies listed on its domestic stock exchange to use IFRS in preparing consolidated financial statements.
• E) A country may adopt IFRS as its national GAAP.

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Definitions:

Traffic Light

A traffic light is a signaling device positioned at road intersections, pedestrian crossings, and other locations to control the flow of traffic by assigning the right of way according to a universally understood color code.

Premeditation

The act of planning or plotting in advance, often used in legal contexts to imply forethought prior to committing a crime.

First Amendment

A provision in the United States Constitution protecting freedoms concerning religion, expression, assembly, and the right to petition.

Patent

A government grant to an inventor, giving the exclusive right to make, use, or sell an invention for a set period.