The International Accounting Standards Board was formed to
A) enforce FASB standards in foreign countries.
B) develop worldwide accepted accounting standards.
C) establish accounting standards for U.S.multinational companies.
D) develop accounting standards for countries that do not have their own standard-setting bodies.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) was formed to develop worldwide accepted accounting standards that can be used across different countries and industries, thus promoting international financial reporting consistency and comparability. The IASB is not responsible for enforcing FASB standards or developing accounting standards specifically for US multinational companies or countries without their own standard-setting bodies.

The International Accounting Standards Board Was Formed to