Scenario - The Williams Company
Based in South Dakota,USA,the Williams Company has been in operation since 1967.It has five branches located in China,Europe,South America,Mexico,and Canada.Its exquisite product line of fine custom-made jewelry is highly desired throughout the world.This company has maintained a very healthy balance sheet.
The Williams Company is known within the industry for integrity and fair business practices.This company maintains an accounting system that is open for any stakeholder to view.It prides itself on being honest and trustworthy.The company feels it is this honesty in business practice that has led it to be a billion dollar organization.
-Which one of the following would the Williams Company expect to establish a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements?

Question

Quizplus · Accepted Answer

The Williams Company, being a global organization, would expect to establish a set of international accounting standards for financial reporting. The International Financial Reporting Standards (IFRS) is a globally accepted accounting standard that outlines how particular types of transactions and other events should be reported in financial statements. Therefore, D (IFRS) is the best choice for the Williams Company.

Scenario - the Williams Company