The next set of questions are True/False, please indicate your answer on the blank answer key provided.

13. The EU Accounting Regulation requires that all European companies whose securities trade in a regulated securities market must use IFRS as adopted by the EU in their consolidated financials.

14. Less than 100 jurisdictions currently require IFRS for all or most domestic listed companies.

15. The IFRS Foundation decides which countries must use IFRS.

16. IFRS provides the financial information for public capital markets covering over half of the world's GDP.

17. The members of the IASB serve as representatives of the individual accounting standards-setting boards from their home countries.

18. Many academic studies of the use of IFRS have concluded that IFRS has improved efficiency of capital markets or promoted cross-border investment.

19. Under IFRS, a company must disclose information about its relationships and transactions with related parties and about compensation of key management personnel.

20. Under IFRS, the objective of financial reporting is to provide financial information about a company that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the company.

21. The Conceptual Framework specifies the form and content of the financial statements that a company must present in conformity with IFRS.

22. Under IFRS, if a non-current asset is held for sale, it must be written down to recoverable amount (fair value less costs to sell), and depreciation stops.