- This topic has 1 reply, 2 voices, and was last updated 2 days ago by
.
- Posts
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 AB 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.
- You must be logged in to reply to this topic.