Question

IASB's primary objective is to develop a set of high-quality standards for financial reporting worldwide. Critically examine the possibility of IASB's achieving this objective. In addition to your insight, your answer should address the following questions:

1. How acceptable IFRSs are in the U.S. for: (1) U.S. listed companies, (2) foreign listed companies, and (3) U.S. unlisted companies?

2. How acceptable IFRSs are in other countries?

Answer 1

Answer :-

1. How acceptable IFRSs are in the U.S. for: (1) U.S. listed companies, (2) foreign listed companies, and (3) U.S. unlisted companies?

• Satisfactory IFRS in the US identifies with local recorded organizations not allowed to utilize IFRS.
• The residential organizations to utilize US GAAP just .
• Remote recorded organizations can utilize the IFRS yet the organization needs to list under securities trade commission .
• In any case, the unlisted organizations can utilize adequate IFRS .

2. How acceptable IFRSs are in other countries?

• Worthy IFRS allowed under the accompanying nations are Bahamas, Bahrain , Botswana , Cyprus, Samoa, Serbia and so on .
• Thee unsatisfactory IFRS nations are Benin, Brazil ,India, Ivory Coast, Cuba, Senegal and so forth .

Note :-

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