Which of the following statements is false?
a. IASB has no enforcement authority for company’s adoption of international accounting standards.
b. FASB is not a member of IASB.
c. On Dec. 17 2003, IASB published the revised international accounting standards.
d. To list their securities in the US markets, all foreign companies must recast their financial statements based on International Accounting Standards.
The IASB The International Accounting Standards Committee (IASC) was formed in 1973. In 2001, the IASC was replaced by the International Accounting Standards Board (IASB).
a. What was the purpose o? the IASB?
b. How does the IASC attempt to achieve these objectives?
Which of the following is not a required characteristic of a qualifying Section 351 transaction?
A. If more than 20 percent of the dock is transferred for services, a property must also be transferred by the service provider.
B. Gain may be recognized if the transferor receives something other than stock.
C. The transferors must control the corporation after the transfer.
D. Control requires only owning 80 percent of the value of the voting stock.
E. All are characteristics.
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