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Chapter 1
Chapter 2
Chapter 3
Chapters 4/5
Miscellaneous
100
The risk that foreign currency will decrease in US$ value.
What is foreign exchange risk?
100
U.S. GAAP requires PP&E to be carried on the balance sheet at historical cost. Under IFRS, PP&E may also be carried at a ______________ amount.
What is revalued?
100
The IASB uses a ____________________ approach in developing accounting standards rather than a rules-based approach.
What is principles-based?
100
This inventory costing method is allowed under US GAAP, but not IFRS.
What is LIFO?
100
The international equivalent to the SEC in the United States.
What is the International Organization of Securities Commissions (IOSCO)?
200
The acquisition of existing foreign companies and the creation of new foreign subsidiaries are the two most common forms of ______________________________.
What is foreign direct investment?
200
Virtually all companies worldwide provide a ________________ and an ____________________ in a set of financial statements.
What are balance sheet and income statement?
200
The _____________ has sole responsibility for establishing International Financial Reporting Standards (IFRS).
What is the International Accounting Standards Board (IASB)?
200
In determining carrying value of inventory, market is always ____________________ under IFRS.
What is net realizable value?
200
In this agreement, IASB and FASB established a joint commission to develop compatible accounting standards and pledged to remove existing differences between their standards and to coordinate their future standard-setting agendas so that major issues are worked on together
What is Norwalk Agreement?
300
A _____________________ company is one that is headquartered in one country but has operations in other countries.
What is a multinational?
300
In a _____________ law country, the accounting law tends to be rather general and does not provide much detail regarding specific accounting practices and may provide no guidance at all in certain areas.
What is code?
300
The accounting systems used in the U.S., U.K., and other English-speaking countries
What is Anglo-Saxon Accounting?
300
An asset is considered to be impaired when its carrying amount is greater than its __________________.
What is recoverable amount?
300
Chairman of the FASB
Who is Russell Golden?
400
The method of recording transactions between divisions within the same company
What is transfer pricing?
400
According to Nobes, ______________ accounting systems are found in countries with weak equity-outside shareholder financing systems?
What is Class B?
400
This is considered to be the most significant impediment to accounting convergence.
What is nationalism?
400
Under IFRS, interest and dividends received may be classified as either ______________ or ______________ activities on the Statement of Cash Flows.
What is operating or investing?
400
The first public company to issue stock.
What is the Dutch East India Company?
500
When a foreign subsidiary pays dividends to its U.S. parent, this process is known as ________________.
What is repatriation?
500
According to Gray, a preference for a cautious approach to measurement so as to cope with the uncertainty of future events as opposed to a more optimistic, laissez-faire, risk-taking approach is the accounting value of ______________.
What is conservatism?
500
A process of reducing differences in financial reporting practices across countries that implies the adoption of one set of standards internationally.
What is convergence?
500
A liability of uncertain timing or amount (IAS 37).
What is a provision?
500
This family funded one of the most prosperous and most respected financial institutions in Europe (they lived in Florence).
What is the Medici family?