1.Which of the following statements is not true of foreign private issuers?

A. Foreign private issuers are permitted to file their financial statements in the United States under IFRS.

B. Foreign private issuers must present a reconciliation in their financial statements between U.S. GAAP and IFRS.

C. Foreign private issuers are generally entities with significant foreign ownership, where a significant portion of the executives and directors live outside of the United States, and where the operations generally take place outside of the United States.

D. Foreign private issuers issue securities (such as shares of stock) in the United States.

2.Which organization has the authority to determine whether IFRS is adopted for use in the United States?

A. The U.S. Securities and Exchange Commission (SEC)

B. The IFRS Foundation's Monitoring Board

C. The U.S. Financial Accounting Standards Board (FASB)

D. The IFRS Advisory Council

E. The American Institute of Certified Public Accountants (AICPA)

3.The IFRS Interpretations include (choose two):

Select TWO:

A. The IFRS Framework

B. Standards Interpretations Committee (SIC) Interpretations, issued pre-2001

C. IFRS Interpretations Committee (IFRIC) Interpretations, issued since 2001

D. International Financial Reporting Standards (IFRS), issued since 2001

E. International Accounting Standards (IAS), issued pre-2001