The standard-setting organization tasked with the challenge of determining one set of accounting standards that can be used worldwide is the ________.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) is responsible for developing and promoting International Financial Reporting Standards (IFRS), the global accounting standards used in more than 140 jurisdictions worldwide. The other options listed are not correct, as there is no organization called the Global Financial Accounting Standards Board or the International Financial Reporting Committee, and the International Organization of Securities Commissions is primarily focused on securities regulation, not accounting standards.

The Standard-Setting Organization Tasked with the Challenge of Determining One