27.03.2023 - 22:21

Explain the role of the International Accounting Standards Board (IASB) in relation to International Financial Reporting Standards (IFRS).

Question:

Explain the role of the International Accounting Standards Board (IASB) in relation to International Financial Reporting Standards (IFRS).

Answers (1)
  • Laverna
    April 13, 2023 в 08:33
    The International Accounting Standards Board (IASB) is responsible for developing and issuing International Financial Reporting Standards (IFRS), which are a set of globally recognized accounting standards for presenting financial statements. The IASB develops and maintains these standards in collaboration with national accounting standard-setters and other stakeholders around the world. The IASB’s role is to ensure that IFRS are high-quality, consistent, and transparent financial reporting standards that are relevant to global business practices. The adoption of IFRS by companies helps to promote transparency and comparability in financial reporting, and provides investors and other stakeholders with reliable information to make informed decisions. Thus, the IASB plays a critical role in establishing and maintaining a globally accepted framework for financial reporting.
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