Who is responsible for developing and gaining support for global accounting standards and gaining support and cooperation to implement those standards?
A) Securities and Exchange Commission
B) Sarbanes-Oxley
C) International Accounting Standards Board
D) Financial Accounting Standards Board
E) Institute of Management Accountants

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) is responsible for developing and gaining support for global accounting standards, also known as International Financial Reporting Standards (IFRS). The IASB also works to gain support and cooperation from countries and organizations to implement these standards globally. The Securities and Exchange Commission (SEC) and Sarbanes-Oxley Act (SOX) are primarily concerned with regulation and oversight of financial reporting in the United States. The Financial Accounting Standards Board (FASB) is responsible for setting accounting standards in the US, which are not necessarily the same as IFRS. The Institute of Management Accountants (IMA) is a professional association for management accountants and does not have a direct role in setting or promoting global accounting standards.

Who Is Responsible for Developing and Gaining Support for Global