Which of the Following Is a Major Restructuring Objective of the IASB

question 37

Multiple Choice

Which of the following is a major restructuring objective of the IASB?

• A) To ensure compliance to a single set of accounting standards.
• B) To progressively phase out divergent accounting practices.
• C) To promote a greater understanding of the accounting practices of different nations.
• D) To cooperate with various national accounting standard-setters in order to achieve convergence in accounting standards around the world.

---

Definitions:

Marbury v. Madison

A landmark Supreme Court case in 1803 that established the principle of judicial review, allowing courts to declare laws unconstitutional.

Articles of Confederation

The original constitution of the United States, ratified in 1781, which was replaced by the current Constitution in 1789 due to its weaknesses.

Federal Court System

The judiciary system of the United States, consisting of the Supreme Court, appellate courts, and district courts.

Commercial Treaties

Agreements between countries that govern the terms of trade, investment, and economic relations.