The IASB and FASB are working together to develop a single set of high-quality,compatible accounting standards that can be used for both domestic and cross-border financial reporting.

Question

Quizplus · Accepted Answer

The statement is true as the IASB and FASB have been working together since 2002 to develop a set of high-quality, global accounting standards known as IFRS (International Financial Reporting Standards). Their goal is to create a single set of standards that can be used for both domestic and cross-border financial reporting, thereby improving the comparability and consistency of financial statements across different countries and markets.

The IASB and FASB Are Working Together to Develop a Single