What is the policy for accounting harmonization in the United Kingdom?
A)Eventual adoption of standards promulgated by the IASB
B)Alignment of U.K.GAAP with IFRS where practical
C)Rejection of IASB pronouncements
D)Alignment of U.K.GAAP with U.S.GAAP

Question

Quizplus · Accepted Answer

The policy for accounting harmonization in the United Kingdom is the alignment of U.K.GAAP with IFRS where practical. The IASB (International Accounting Standards Board) is the organization that issues IFRS (International Financial Reporting Standards). While the eventual adoption of IFRS may be a possibility, it is not the current policy. The U.S.GAAP (Generally Accepted Accounting Principles) is not relevant to the U.K.'s policy for accounting harmonization. The rejection of IASB pronouncements is also not the policy.

What Is the Policy for Accounting Harmonization in the United