TRUE/FALSE
1.Many continental model countries, such as France and Germany, have viewed harmonization as an opportunity to coordinate their accounting standards with those of the United States.
2.The International Accounting Standards Committee was formed in an attempt at economic integration of member countries.
3.The United States is not a member of G4 +1.
4.British standard-setters blazed the trail of accounting regulation being centered in the private sector.
5.Countries following the continental model include most major countries of Western Europe as well as Japan
6.The key factor of difference between the Anglo-American and continental models appears to be between capital-based financial markets and credit-based financial markets.
7.Financial reporting is independent of the legal system of a nation.
8.The IASC has not yet promulgated a conceptual framework.
9.The European Union has extended consolidation accounting to firms within its member states under a very wide group of circumstances where one firm has substantive control over one or more other firms.
10.Because of important national differences, a strong drive for harmonization of accounting standards has not yet been possible.