"Financial Report":International Financial Reporting Standards

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Questions 1:

The SEC’s approach to addressing the significant differences in financial reporting under International Financial Reporting Standards (IFRS) and US GAAP is best described as:

A、 requiring issuers to provide disclosures describing key differences.

B 、mandating that non-US issuers provide a reconciliation to US GAAP.

C 、publicly advocating for global accounting standards and convergence.

Questions 2:

Analysts can best address the challenges of comparing financial statements prepared under US GAAP with those prepared under International Financial Reporting Standards (IFRS) by:

A、 referring to the reconciliation from IFRS to US GAAP provided in the notes.

B、 assuming differences are minor given US GAAP and IFRS convergence.

C、 monitoring changes in both sets of standards and interpreting cautiously.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The SEC now advocates for global accounting standards through public announcements, such as its “Statement in Support of Convergence and Global Accounting Standards” (2010). In the past, the SEC had required reconciliations between IFRS and US GAAP, but these requirements were withdrawn in 2008. The SEC now imposes no requirements on its issuers.

A is incorrect. Before 2008, issuers were required to provide disclosures in support of the reconciliation from IFRS to US GAAP.

B is incorrect. Before 2008, issuers were required to provide a reconciliation from IFRS to US GAAP.

【Answer to question 2】C

【analysis】

C is correct. Significant differences still exist between IFRS and US GAAP, and in most cases, analysts will lack the information necessary to make specific adjustments to address these differences. As such, comparisons must be interpreted cautiously.

B is incorrect. Significant differences still exist between IFRS and US GAAP, and should not be ignored.

A is incorrect. Reconciliations are no longer readily available. The SEC eliminated the reconciliation requirement for companies that prepared their financial statements according to IFRS in 2007.

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