The purpose of the International Accounting Standards Board is to
A) issue enforceable standards which regulate the financial accounting and reporting of multinational corporations.
B) develop a uniform currency in which the financial transactions of companies through-out the world would be measured.
C) develop a single set of high-quality IFRS.
D) arbitrate accounting disputes between auditors and international companies.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) aims to develop a single set of high-quality International Financial Reporting Standards (IFRS) that are globally accepted and provide consistent financial information that can be relied upon by investors and other stakeholders. Option A is partially correct but does not fully capture the purpose of the IASB, while options B and D are incorrect.

The Purpose of the International Accounting Standards Board Is to