The International Accounting Standards Board (IASB) has the authority to impose its standards on companies around the world.

Question

Quizplus · Accepted Answer

The IASB does not have the authority to impose its standards on companies. However, many countries have adopted the IASB's standards voluntarily, either as their national accounting standards or as a basis for their own standards. Additionally, some stock exchanges and regulatory bodies require companies to use IASB's standards for financial reporting purposes.

The International Accounting Standards Board (IASB) Has the Authority to Impose