Which of the following events led to tighter standards for accounting practices and a demand for more transparency in reporting?
A)the global financial crisis of 2009
B)the decreasing popularity of net-banking
C)the Great Depression
D)the increasing nationalization of private assets

Question

Quizplus · Accepted Answer

The global financial crisis of 2009 exposed major flaws in accounting practices and reporting, leading to a demand for stricter standards and increased transparency. This resulted in the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States and the implementation of International Financial Reporting Standards (IFRS) globally. The other options listed do not have a direct correlation with tighter accounting standards and transparency in reporting.

Which of the Following Events Led to Tighter Standards for Accounting