Which standard is followed by the stock listed ﬁrms in preparing the ﬁnancial statement?
A)the international public sector accounting standards.
B)the purchasing power accounting standard
C)the international ﬁnancial reporting standards.
D)the fair trading standard.
E)the company standard.

Question

Quizplus · Accepted Answer

The stock listed firms generally follow the International Financial Reporting Standards (IFRS) in preparing their financial statements. IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) that provides a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

Which Standard Is Followed by the Stock Listed ﬁRms in Preparing