Which of the following organizations was formed in an attempt at economic integration, and has also been concerned with harmonization of accounting standard of its member nations?

Question

Quizplus · Accepted Answer

The European Union was formed in an attempt at economic integration among its member nations, and it has been concerned with harmonization of accounting standards through the adoption of International Financial Reporting Standards (IFRS). The International Accounting Standards Committee (now known as the International Accounting Standards Board) and the International Federation of Accountants also work towards international accounting standards, but they were not formed for economic integration purposes like the European Union. The International Organization of Security Commissions does not deal with accounting standards.

Which of the Following Organizations Was Formed in an Attempt