MULTIPLE CHOICE QUESTION:
8. Which of the following is false?
a. In general, IFRS note disclosures are more expansive compared to GAAP.
b. GAAP and IFRS have similar standards on subsequent events.
c. Both IFRS and GAAP require interim reports although the reporting frequency varies.
d. Segment reporting requirements are very similar under IFRS and GAAP.
9. Subsequent events are reviewed through which date under IFRS?
a. Statement of financial position date.
b. Sixty days after the year-end date.
c. Date of independent auditor’s opinion.
d. Authorization date of the financial statements.
10. Under IFRS, share dividends declared after the statement of financial position date but before the end of the subsequent events period is:
a. Accounted for similar errors as a prior period adjustment.
b. Adjusted subsequent events because they are paid from prior year earnings.
c. Not adjusted in the current year’s financial statements.
d. Recognized on a prospective basis from the date of declaration.