Question

The main goals of the IFRS Foundation are to develop a single set of global, high-quality standards; promote the use of those standards; consider its constituents (small to large and stable to emerging); and initiate convergence of IFRS with other national accounting standards.

True

False

Answer 1

TRUE

to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. These standards should require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world’s capital markets and other users of financial information make economic decisions