Connect Online Access for International Accounting
5th Edition
ISBN: 9781260248463
Author: Doupnik, Timothy
Publisher: Mcgraw-hill Higher Education (us)
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Textbook Question
Chapter 1, Problem 4EP
The London Stock Exchange (LSE) provides a list of companies listed on the exchange on its website (www.londonstockexchange.com) under “Statistics” and “Companies and Securities.”
Required:
- a. Determine the number of foreign companies listed on the LSE and the number of countries they represent.
- b. Determine the number of companies listed on the LSE from these countries: Australia, Brazil, Canada, France, Germany, Mexico, and the United States. Speculate as to why there are more companies listed on the LSE from Australia and Canada than from France and Germany.
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Foreign companies whose stocks are listed on the New
York stock exchange (NYSE) must report their income in
terms of
Select one:
a. Accounting Standard
b. European Accounting Standard
c. Political report
d. GAAP of the USA
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A foreign-based company must use US GAAP if it wants to have its stock traded on a US stock exchange.
Group of answer choices
True
False
1.The London, Tokyo and New York Stock Exchanges, Ghana, among others, require an annual audit of the financial statements of companies whose securities are listed on it. What are the possible reasons for this?
Chapter 1 Solutions
Connect Online Access for International Accounting
Ch. 1 - Prob. 1QCh. 1 - 2. What accounting issues arise for a company as a...Ch. 1 - 3. Why might a company be interested in investing...Ch. 1 - 4. How important is foreign direct investment to...Ch. 1 - 5. What financial reporting issues arise as a...Ch. 1 - 6. What taxation issues arise as a result of...Ch. 1 - Prob. 7QCh. 1 - 8. Why might a company want its stock listed on a...Ch. 1 - 9. Where might one find information that could be...Ch. 1 - Prob. 10Q
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Nestlé S.A., the largest food and beverage company in the world, prepares its financial statements according to International Financial Reporting Standards. Its financial statements include ordinary share capital, translation reserve, and share premium. If Nestlé used U.S. GAAP, what would be the likely account titles for these accounts?arrow_forwardWhich of the following is uses electronic trading 1.The JSE 2.The Nasdaq 3.The NYSE 4.The Euronext T 5.he Tokyo Exchange Explain your answerarrow_forwardChoose the correct. Which of the following statements is true for a foreign company registered with the U.S. SEC to list its stock on the New York Stock Exchange?a. The company must file an annual report with the SEC that is prepared in accordance with U.S. GAAP.b. The company may file an annual report with the SEC that is prepared in accordance with IFRS but must also provide a reconciliation of IFRS to U.S. GAAP.c. The company must file an annual report with the SEC that is prepared in accordance with IFRS but must also provide a reconciliation of IFRS to U.S. GAAP.d. The company may file an annual report with the SEC that is prepared in accordance with IFRS but need not also provide a reconciliation of IFRS to U.S. GAAP.arrow_forward
- Choose the correct. What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.arrow_forward1- Why might a company want its stock listed on a stock exchange outside of its home country? 2- What would be the advantages of having a single set of financial reporting standards used worldwide?arrow_forwardChoose the correct. Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.arrow_forward
- Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with the SEC?a. All foreign companies listed on a U.S. securities exchange.b. Foreign companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.c. Domestic U.S. companies listed on a U.S. securities exchange that use IFRS in preparing financial statements.d. Foreign companies listed on a U.S. securities exchange that use financial reporting standards other than U.S. GAAP or IFRS in preparing financial statements.arrow_forwardAn American Depositary Receipt (ADR) is security issued by a U.S. bank and traded on a U.S. stock exchange that represents a specific number of shares of a foreign stock. For example, Nokia Corporation trades as an ADR under the symbol NOK on the NYSE. Each ADR represents one share of Nokia Corporation stock, which trades under the symbol NOK1V on the Helsinki stock exchange. If the U.S. ADR for Nokia is trading for $7.56 per share, and Nokia stock is trading on the Helsinki exchange for €6.08 per share, use the Law of One Price to determine the current $/€ exchange rate. The current $/€ exchange rate is per €. (Round to three decimal places.)arrow_forwardThe financial statements in assumption requires that companies in the United States prepare financial statements in because they are the recognized medium of exchange in the respective companies. and companies in Japan preparearrow_forward
- What is a multinational organization that is publicly traded on a U.S. stock exchange and uses the Generally Accepted Accounting Principles (GAAP) for financial reporting?arrow_forwardWhat is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.arrow_forwardAccording to the IFRS Foundation, approximately how many countries either require or permit the use of IFRS by publicly traded companies?a. 40 countries.b. 80 countries.c. 115 countries.d. 195 countries.arrow_forward
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How to Invest in Foreign Stocks (INVESTING FOR BEGINNERS); Author: The Money Tea;https://www.youtube.com/watch?v=Qzj4VozcO9s;License: Standard Youtube License