Until recently,accounting standards issued by the IASB (formerly IASC)were:
A) the most well developed set of accounting standards and used widely around the world.
B) deemed to be 'best practice' and always used as a guide when another country was developing its own standards.
C) not that important as they were only designed for European economies.
D) frequently adopted directly by developing countries that did not have their own standard-setting processes.

Question

Quizplus · Accepted Answer

Developing countries often adopted IASB standards directly due to the lack of their own standard-setting processes.

Until Recently,accounting Standards Issued by the IASB (Formerly IASC)were