The International Accounting Standards Board (IASB) has legal authority to impose accounting standards on any country.

Question

Quizplus · Accepted Answer

The IASB works with standard setters within many countries, but does not have legal authority to impose IASB standards on any country. It was charged with creating International Financial Reporting Standards with the intention of unifying all public companies under one global set of reporting standards.

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