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True/False, please indicate your answer on the blank answer key provided. 13.      The EU Accounting...

True/False, please indicate your answer on the blank answer key provided.

13.      The EU Accounting Regulation requires that all European companies whose securities trade in a regulated securities market must use IFRS as adopted by the EU in their consolidated financials.

14.       Less than100 jurisdictions currently require IFRS for all or most domestic listed companies.

15.       A contingent liability is not recognized in the statement of financial position.

16.       IFRS provides the financial information for public capital markets covering over half of the world’s GDP.

17.       The members of the IASB serve as representatives of the individual accounting standards-setting boards from their home countries.

18.       Under IFRS, all borrowing costs are charged to expense when incurred.

19.       Under IFRS, a company must disclose information about its relationships and transactions with related parties and about compensation of key management personnel.

20.       Under IFRS, the objective of financial reporting is to provide financial information about a company that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the company.

21.       The Conceptual Framework specifies the form and content of the financial statements that a company must present in conformity with IFRS.

22.       Under IFRS, if a non-current asset is held for sale, it must be written down to recoverable amount (fair value less costs to sell), and depreciation stops.

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TRUE 13. The EU Accounting Regulation requires that all European companies whose securities trade in a regulated securities market must use IFRS as adopted by the EU in their consolidated financials.
TRUE 14. Less than100 jurisdictions currently require IFRS for all or most domestic listed companies.
TRUE 15. A contingent liability is not recognized in the statement of financial position
TRUE 16. IFRS provides the financial information for public capital markets covering over half of the world’s GDP.
FALSE 17. The members of the IASB serve as representatives of the individual accounting standards-setting boards from their home countries.
FALSE 18. Under IFRS, all borrowing costs are charged to expense when incurred.
TRUE 19. Under IFRS, a company must disclose information about its relationships and transactions with related parties and about compensation of key management personnel.
TRUE 20. Under IFRS, the objective of financial reporting is to provide financial information about a company that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the company.
TRUE 21. The Conceptual Framework specifies the form and content of the financial statements that a company must present in conformity with IFRS.
TRUE 22. Under IFRS, if a non-current asset is held for sale, it must be written down to recoverable amount (fair value less costs to sell), and depreciation stops.

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