Answered: International fi nancial reporting…

International fi nancial reporting standards are currently developed by which entity? B . Th e International Accounting Standards Board.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 4MCQ

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Question

International fi nancial reporting standards are currently developed by which entity? B . Th e International Accounting Standards Board.

Expert Solution

Step 1

IFRS: International Financial Reporting Standards

These are rules established for the purpose of consistent, transparent, comparable financial statements throughout the world.

These rules help the companies to bring consistent methods to evaluate the financial statements.

However, IFRS is not used by every country, like, they are not followed in the USA where US GAAP is followed. Countries like India follow IndAS. Therefore, IFRS is not universal rules.

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Structure of International accounting standard board (IASB)

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