IFRS QUESTIONSTrue/False 1. In the United States, like many other countries, banks are major creditors as well as the largest investors. 2. The accounting for declaration and payment of dividends is different under IFRS and GAAP. 3. Under IFRS companies report preference shares at par value as the last item in the equity section. 4. Under IFRS true no-par shares should be carried in the accounts at issue price without any share premium reported. 5. Under IFRS compliance requirements the revaluation surplus is not considered contributed capital. Multiple Choice 6. The accounting for treasury stock retirements under IFRS requires a. a charge for the entire amount to paid-in capital. b. a charge for the excess to paid-in capital, depending on the original transaction related to the issuance of the stock. c. a charge for the excess of the cost of treasury stock over par value to retained earnings. d. an allocation for the difference between paid-in capital and retained earnings. 7. The Revaluation Surplus of IFRS is a. similar to GAAP in that it allows both increases and decreases in valuation. b. similar to GAAP in that it only allows for the decrease in valuation. c. similar to GAAP in that it only allows for the increase in valuation. d. different than GAAP in that it allows the increase in valuation. 8. Under IFRS compliance requirements the Revaluation Surplus is a. only utilized to record the changes in depreciable items plant and equipment. b. considered as revenue when utilizing the GAAP formatted income statement. c. utilized to record the changes in property, plant, and equipment and intangible assets. d. reported as contributed capital.