True or False

_________1. Financial accounting is influenced by the environment in which it operates.

_________2. A companys first exposure to international accounting occurs frequently as a result of purchase or sale of an item of merchandise with a foreign country

________ 3. The International Accounting Standards Committee was formed in 1973 to develop worldwide accounting standards.

________4. The IASCs original intention was to avoid complex details and concentrate in standards.

________5. The IASBs principal responsibilities are to develop and issue international financial reporting standards and exposure drafts and approve interpretations developed by the International Financial Reporting Interpretations Committee.

_______6. In its early years, ISAC acted mainly as a harmonizer.

_______7. International Accounting Standards Board replaces IASC in 2001.

_______8. In 2001, responsibility for international standards setting was transferred to the International Accounting Standard Board.

_______9. IFRS No. 1, First time Adoption of International Financial Reporting Standards explains how an entity should make the transition to IFRSs from another basis of accounting.

______10. In IAS No. 1, Presentation of Financial Statements, the IASB discusses considerations for preparing financial statements