Which of the following has the highest authoritative support?
A) International Financial Reporting Standards.
B) International Accounting Standards.
C) Interpretations of the IFRIC.
D) Framework for Financial Reporting.

Question

Quizplus · Accepted Answer

International Financial Reporting Standards (IFRS) are developed by the International Accounting Standards Board (IASB), which is recognized as the global standard-setting body for financial reporting. IFRS is used in over 140 jurisdictions, including the European Union, Australia, Canada, and China. Therefore, IFRS has the highest authoritative support among the given options.

Which of the Following Has the Highest Authoritative Support