Which of the following statements is true about convenience translations of financial statements?
A)International Business Machines (IBM) is the only corporation in the U.S.that currently provides convenience translation of its financial statements into a foreign language.
B)Few U.S.-based companies translate their financial statements into another language.
C)Convenience translation means that a company will translate its financial statements into English.
D)All of the above statements are true.

Question

Quizplus · Accepted Answer

Convenience translations are translations made by a company for the benefit of foreign investors or stakeholders. It is not required by law, and therefore few companies choose to do so. Option A is incorrect as there are other companies that provide convenience translations. Option C is incorrect as convenience translations can be done in other languages besides English. Option D is incorrect as only option B is true.

Which of the Following Statements Is True About Convenience Translations