Which of the following is not a reason why a single set of high-quality international accounting standards would be beneficial?
a. Mergers and acquisition activity.
b. Financial markets.
c. Multinational corporations.
d. GAAP is widely considered to be a superior reporting system.
2. The Sarbanes-Oxley Act determines:
a. international tax regulations.
b. internal control standards as enforced by the IASB.
c. internal control standards of U.S. publicly traded companies.
d. U.S. tax regulations.
3. IFRS is considered to be more:
a. principles-based and less rules-based than GAAP.
b. rules-based and less principles-based than GAAP.
c. detailed than GAAP.
d. None of the above.