Question

Benefits of international reporting standards..

Answer 1

The International Accounting Standards Board sets accounting standards across the globe. Unlike country-specific standards such as the Unites States' GAAP (generally accepted accounting principles), international standards have no governing authority to enforce them, making them purely voluntary. Existing international standards carry a number of distinct benefits to participants, and they serve as an early template for future globally regulated and enforced standards.

Answer 2

✔Greater Comparability
✔Not globally accepted
✔Increased cost
✔Standards Manipulation
✔More flexibilty

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