What is considered the 'foundation' of the convergence of accounting standards?
A) FASB standards
B) IASB standards
C) AASB standards
D) ASX pronouncements

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) standards are considered the foundation of convergence of accounting standards. This is because the IASB has been the leading organization in developing and promoting international accounting standards. Many countries around the world are adopting IFRS (International Financial Reporting Standards) developed by the IASB, which can lead to convergence of accounting standards globally.

What Is Considered the 'Foundation' of the Convergence of Accounting