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1. While there has been significant progress towards a convergence of accounting US GAAP and...

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Finance

1. While there has been significant progress towards a convergence of accounting US GAAP and IFRS in the last two decades, there is currently no timetable for allowing U.S. companies to file statements in accordance with IFRS. True or False?

2. Which of the following is not an indication that an entity should use the parent's currency as the functional currency? (Select one).

a. The frequent intercompany transactions with the parent.

b. Financing is primarily from the parent company.

c. Sales prices are responsive to short-term changes in exchange rates and worldwide competition.

d. Labor, materials, and other costs are primarily local costs.

3. If the subsidiary is located in a country with "severe inflation," then their functional currency must be the local currency of the subsidiary. True or False?

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