Partial preview of the text
Download Intermediate Accounting Chapter 1 and more Exercises Accounting in PDF only on Docsity!
What are the two related sites of financial reporting standards for Canadian business enterprises? - International financial reporting standards and accounting standards for private enterprises True or false? Non-publicly accountable private enterprises can choose between international financial reporting standards and accounting standards for private enterprises - True. Choice depends on management reporting objectives and on the needs of their financial statement users What is the accounting standard setting body in Canada? - The accounting standards board True or false? Public companies and other publicly accountable enterprises must use international financial reporting standards for financial reporting for all reporting period beginning on or after January 1, 2011 - True True or false? Private non-publicly accountable enterprises have a choice between two options. If true, what are the options - True. The two options are the international financial reporting standards or accounting standards for private enterprises What is a publicly accountable enterprise? (PAE) - A company that either has securities issued to the public or is in the process of issuing them. It is a for-profit private enterprise What is a fiduciary enterprise? - Any organization that acts in a trusteeship capacity from members of the general public What is functional currency? - The currency in which most of the companies transactions are conducted What is presentation currency? - The currency in which financial statements are presented What is a private enterprise - One that does not issue that or equity securities to the public it is not in the process of doing so. Does not hold assets in an fiduciary capacity as one of his primary businesses What are the three financial statement reporting choices for a Canadian private company? - 1) IFRS 2) ASPE 3) Tailored accounting policies, known as a disclosed basis of accounting 
