1. While an increasing percentage of companies report on sustainability, consistency in reporting continues to provide challenges for information users. TRUE/FALSE

2. Foreign companies registered with the SEC that use IFRS no longer have to reconcile their financial statements to U.S. GAAP. TRUE/FALSE

3. Regulators of industries granted monopoly privileges use financial statement data in setting the rates companies are permitted to charge for the services these industries provide. TRUE/FALSE

4. The conceptual framework for financial reporting includes the standards of GAAP. TRUE/FALSE