Question

MULTIPLE CHOICE

1. IAS 1, "Presentation of Financial Statements", providesguidance on all of the following, except:

A) the structure and content of the financial statements

B) the purpose of the financial statements

C) the components of the financial statements

D) the principle of comparative information.

E) recognition of income.

2. Which of the following is not one of the 5 common factors that influence a country's financial reporting practices?A) Legal SystemB) PopulationC) InflationD) Financing providersE) Taxes (Taxes)

3. The joint project of the IASB and FASB dealing with the full measure of fair value of the assets and liabilities of an acquired company is known as:A) Business Combination ProjectB) Conceptual Framework ProjectC) Revenue Recognition ProjectD) Short-term Convergence ProjectE) Performance Reporting Project

4. The process of reducing the differences in financialreporting practices between countries is called:

A) Cooperation

B) Reconciliation

C) Joint commitment

D) Joint adoption

E) Harmonization

5. Which of the following could prevent a common set ofstandards?

A) IFRS written or translated in several languages

B) Different interpretations of IFRS

C) Similarities in the book value level

D) Principles based on principles

E) Similar national cultures