1. Locate the most recent Form 20-F of Toyota Motor Corporation.

a. First, determine whether the financial statements were prepared in accordance with IFRS or another report-

ing framework, and describe where you located this basis of preparation information.

b. Considering what you learned in this chapter, why might Toyota be permitted to prepare financial state-

ments for the U.S. SEC in accordance with a reporting framework other than GAAP?

c. Finally, identify Toyota's auditor and describe the auditing standards applied by the company's auditors.

1. Assume that an entity complied with IFRS guidance in all respects, except that the entity has never included an

IFRS compliance statement in its financial statement footnote disclosures. Is the entity subject to the guidance

for first-time adopters of IFRS? Use authoritative guidance to respond