Briefly discuss the anticipated changes to accounting standards in Canada over the next few years.
What will be an ideal response?
1. The format and structure of financial statements may change to present a cohesive relationship between
the various statements;
2. The Conceptual Framework will be revised to create a sound foundation for future accounting standards
that are principles based, internally consistent, and internationally converged. Relevance and faithful
representation will be the fundamental qualitative characteristics of financial information. The definitions
of assets and liabilities may change to focus more on rights and obligations to eliminate the reference to
past events. When and how to use various measurement bases may be clarified.
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Which of the following statements is true about the Federal Arbitration Act (FAA) of 1925?
A. The FAA restricts parties from obtaining a court order to compel arbitration with an arbitration agreement. B. The FAA restricts federal courts from hearing issues of law that have been decided by an arbitrator. C. The FAA provides that arbitration agreements involving commerce are revocable contracts under ordinary circumstances. D. Breach of contract cases and tort claims are not candidates for arbitration as per the FAA.
Group-oriented negotiators are concerned about their own interests above all else
Indicate whether the statement is true or false.
A country's ________ ________ often provides the most reliable picture of its purchasing power.
Fill in the blank(s) with the appropriate word(s).
The Overseas Private Investment Corporation (OPIC) only operates as an insuring agency for companies investing in less developed countries
Indicate whether the statement is true or false