When the International Accounting Standards Board amends a standard, what must a code-law country do to adopt the amendment?
A)The country's securities regulators must approve the amendment.
B)The country's professional accounting body must approve the amendment.
C)The country must pass new legislation to adopt the amendment.
D)The country's financial institution regulators must approve the amendment.

Question

Quizplus · Accepted Answer

In a code-law country, the legal system is based on comprehensive statutes and laws rather than case law. Therefore, to adopt an amendment made by the International Accounting Standards Board, the country must typically pass new legislation, as the legal framework requires formal legislative action to incorporate such changes into the national legal system.

When the International Accounting Standards Board Amends a Standard, What