The shares of Tremblay Maple Syrup Company are listed on both the Toronto and New York stock exchanges.Tremblay could prepare its financial statements in accordance with:
A) I only
B) II only
C) I and III only
D) II and III
I.ASPE
II.US GAAP
III.IFRS

Question

Quizplus · Accepted Answer

Tremblay Maple Syrup Company, as a company listed on both the Toronto and New York stock exchanges, needs to comply with the financial reporting requirements of both Canada and the United States. Therefore, it could prepare its financial statements in accordance with both US GAAP (II) and IFRS (III). It is worth noting that ASPE (I) is only applicable in Canada and, as a result, would not be sufficient for Tremblay to comply with the requirements of the NYSE.

The Shares of Tremblay Maple Syrup Company Are Listed on Both