4) The purpose of the International Accounting Standards Board is to: a) regulates stock prices at the international level. b) develops a uniform currency in which the financial transactions occur. c) develops a single set of high-quality financial reporting standards. d) arbitrates accounting disputes between auditors and international companies
4) The purpose of the International Accounting Standards Board is to:
a) regulates stock prices at the international level.
b) develops a uniform currency in which the financial transactions occur.
c) develops a single set of high-quality
d) arbitrates accounting disputes between auditors and international companies.
5) The IASB and the FASB are working on a joint project that has an objective of developing a conceptual framework that leads to standards that are:
a) rule-based and internally consistent.
b) principle-based and internally consistent.
c) rule-based and flexible in nature.
d) principle-based and rigid in nature.
6) Which of the following is an element of financial statements identified under IFRS?
a) Investment by owners
b) Losses
c)Comprehensive income
d) Equity
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