1.14 Which of the following statements correctly describes how IFRS Standards should be used?
A To provide examples of best financial reporting practice for national bodies who develop their own requirements
B To ensure high ethical standards are maintained by financial reporting professionals internationally
C To facilitate the enforcement of a single set of global financial reporting standards
D To prevent national bodies from developing their own financial reporting standards
Why the answer is A
Ask the Tutor ACCA FA
BPP Exam Kit, Chapter 2
2mo ago#1B is wrong because simply producing standards cannot ensure everyone performs ethically
C and D are wrong because individual countries cannot be forced to follow rules imposed by someone else.
A is correct because although every country has the right to fix their own rules, the standards are to help (and encourage) them to adopt similar rules.
Thank you!!!
2mo ago#3You are welcome :-)
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