The London-based International Accounting Standards Board developed International Financial Reporting Standards (IFRS) to
A) harmonize international accounting practices.
B) address transfer pricing.
C) replace GAAP.
D) enforce FASB standards.
E) standardize worldwide expatriate assignments.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board developed International Financial Reporting Standards (IFRS) to harmonize international accounting practices and provide a globally accepted framework for financial reporting. It is intended to replace different national accounting standards, including GAAP, with a single set of high-quality global accounting standards. It does not address transfer pricing, enforce FASB standards or standardize worldwide expatriate assignments.

The London-Based International Accounting Standards Board Developed International Financial Reporting