Which of the following is one of the issues that the SEC said should be considered in deciding if the United States should adopt IFRS?
A. Whether IFRS is sufficiently developed and consistent in applications
B. Whether IFRS modifies its structure to agree with current U.S. GAAP
C. Whether IFRS will eliminate U.S. GAAP
D. Whether U.S. citizens will vote to accept IFRS
Ans: A. Whether IFRS is sufficiently developed and consistent in applications
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Companies in strong, competitive market positions pass on price increases to consumers leading to a significant decrease in sales volume
Indicate whether the statement is true or false
A U.S. company buys from a supplier whose currency is increasing against the dollar. Which of the following will the company most likely have to do if the purchasing price is expressed in the supplier's currency?
A) pay less in dollars than originally expected B) pay more in dollars than originally expected C) pay the same amount of dollars as originally expected D) pay part of the transaction in the supplier's currency