Indicate whether each of the following statements is true or false:
1. The IASB has authority for setting Canadian accounting standards.
2. All Canadian corporations must comply with international accounting standards.
3. Most Canadian corporations are listed on the Toronto Stock Exchange.
4. IFRS must be used for the financial statements of every Canadian public corporation.
5. The objective of general purpose financial reporting is to serve the information needs of a wide variety of users, including lenders, shareholders, employees, and regulators.
6. The primary objective of financial accounting is to reveal all information about an enterprise’s financial performance.
7. If a corporation has a restrictive bond covenant that specifies a minimum times- interest- earned ratio, the corporation’s management will be motivated to pick discretionary accounting policies that maximize income.
8. Income tax law has no impact on the accounting choices made by management.
9. The presence of a control block can have an impact on a public company’s choice of accounting policies.
10. Any Canadian company that uses U. S. GAAP must prepare its statements in U. S. dollars.