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Business English Exercises
 

IFRS Adoption

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Home > Teaching Business English > Business English Lessons, Advanced Level # 356
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According to Richard Keys of PwC, the second wave of International Financial Reporting Standards (IFRS) has two facets.

Correct answer: (b) facets

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The first is the new troop of countries that are adopting these international accounting standards, following in the footsteps of Europe and Australia in 2005.

Correct answer: (c) footsteps

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The second is the new and revised collection of standards that will be implemented in 2009.

Correct answer: (b) implemented

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IFRS has already become the de facto international language of accounting.

Correct answer: (a) de facto

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International Financial Reporting Standards are already the basis for accounting in over 100 countries worldwide and the International Accounting Standards Board (IASB) anticipates this total will increase to 150 by 2011.

Correct answer: (a) anticipates

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Relatively recently, we have heard announcements that countries such as Canada, Korea, Japan and India will adopt full IFRS by 2011; China too is riding the IFRS wave and is committed to convergence with IFRS.

Correct answer: (c) riding

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The Ministry of Finance has undertaken an extensive project along this road, culminating in the adoption of new Chinese accounting standards that bring about substantial convergence with IFRS, and further work on full convergence continues.

Correct answer: (d) culminating

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These moves have exerted significant pressure for change on the US market.

Correct answer: (b) exerted

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Within the last few months, the SEC has been consulting about removing the requirement for foreign entities listed in the US to reconcile their IFRS accounts to US GAAP; by 2009 and possibly earlier, most expect full IFRS to be acceptable in the US without the need for this costly process.

Correct answer: (d) reconcile

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The SEC has also sought views on whether to give US companies the option of using IFRS instead of US GAAP, and it is probably only a matter of time until this idea becomes a reality.

Correct answer: (c) matter

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
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