The mission of the International Accounting Standards Board (IASB) is to
A) Develop a uniform currency in which the financial transactions of companies throughout the world would be measured.
B) Issue enforceable standards which regulate the financial accounting and reporting of multinational corporations.
C) Develop a single set of high-quality and understandable IFRS for general-purpose financial statements.
D) Arbitrate accounting disputes between auditors and international companies.

Question

Quizplus · Accepted Answer

The mission of the International Accounting Standards Board is to develop a single set of high-quality and understandable International Financial Reporting Standards (IFRS) for general-purpose financial statements. This is done in order to provide investors and other users of financial statements with reliable and relevant information to make informed decisions. The IASB does not create a uniform currency or arbitrate accounting disputes. Enforcement of IFRS is typically done at the national level.

The Mission of the International Accounting Standards Board (IASB) Is