In announcing that the AASB would adopt IASB accounting standards by 1 January 2005, the Financial Reporting Council (FRC) argued that a single set of high-quality accounting standards that are accepted in international capital markets would greatly help cross-border comparisons by investors.

Question

Quizplus · Accepted Answer

The statement accurately reflects the FRC's reasoning for the adoption of IASB accounting standards by the AASB.

In Announcing That the AASB Would Adopt IASB Accounting Standards