Question

Timeliness of financial statements varies across nations.Which of the following countries has financial statements issued closest to year-end (on average)?
A) Japan
B) Germany
C) Canada
D) Italy

Answer 1

Answer: C. Canada

Explanation:

While Canada does not enforce a rule that says that companies should issue statements at year end, most companies on average seem to favor having a December year end in Canada than all the other countries on this list.

A survey in 2017 showed that 57% of Canadian companies favored a December year end with the other months not even receiving anything more than 7% each. Compared to the U.S. however, Canada is lacking as 71% or more American companies favored a December year end.