When the International Accounting Standards Board Amends a Standard, What

question 4

Multiple Choice

When the International Accounting Standards Board amends a standard, what must a code-law country do to adopt the amendment?

• A)The country's securities regulators must approve the amendment.
• B)The country's professional accounting body must approve the amendment.
• C)The country must pass new legislation to adopt the amendment.
• D)The country's financial institution regulators must approve the amendment.

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Definitions:

Recession

A significant decline in economic activity across the economy, lasting longer than a few months, typically visible in real GDP, real income, employment, industrial production, and retail sales.

Subdivision

A process of dividing land into pieces that are easier to sell or otherwise develop.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials, used as a primary source for fuel and in the production of petrochemicals.

Equilibrium

A state of balance in a market situation where the quantity supplied equals the quantity demanded, often resulting in a stable market price.