Individual countries must decide the extent to which IASB standards will be followed by public sector entities.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) sets accounting standards for both the public and private sectors, but it is up to individual countries to decide whether to adopt these standards for their public sector entities. Therefore, the extent to which IASB standards are followed by public sector entities varies depending on the country.

Individual Countries Must Decide the Extent to Which IASB Standards