Question

Which statements would be accurate about the International Accounting Standards Board (IASB)?

Answer 1

The International Accounting Standards Board (IASB) is responsible for developing high-quality and globally accepted financial reporting standards. It operates through a due process and collaborates with other organizations to promote the adoption and implementation of these standards globally.

Step-by-step explanation:

The International Accounting Standards Board (IASB) is an independent, private sector organization that develops and promotes international financial reporting standards. It was established in 2001 to replace the International Accounting Standards Committee (IASC). Some accurate statements about the IASB include:

1. The IASB is responsible for developing a single set of high-quality and globally accepted financial reporting standards. These standards, known as International Financial Reporting Standards (IFRS), are used by companies worldwide to ensure consistency and comparability in financial reporting.
2. The IASB operates through a due process that includes consultation with stakeholders and rigorous analysis of accounting issues. This ensures that the standards are objective, transparent, and responsive to the needs of users of financial statements.
3. The IASB works closely with national standard-setters, regulatory bodies, and other organizations to promote the adoption and implementation of IFRS globally. This collaboration helps in achieving global consistency in accounting practices and facilitates cross-border investments and transactions.