In Europe International Financial Reporting Standards are adopted after being agreed by:
A)the Financial Reporting Council.
B)the European Union.
C)the Accounting Standards Review Board.
D)the Urgent Issues Task Force Group.

Question

Quizplus · Accepted Answer

International Financial Reporting Standards are adopted in Europe through the endorsement process, which is carried out by the European Union after being approved by the International Accounting Standards Board. The endorsement process involves public consultation and consideration of the impact on European financial markets. Therefore, the correct answer is B - the European Union.

In Europe International Financial Reporting Standards Are Adopted After Being