As Part of the Process of International Harmonisation,standard Setters Have

question 52

True/False

As part of the process of international harmonisation,standard setters have removed the need for professional judgement to be exercised in respect of expenses; all discretion that once existed has been removed.

---

Definitions:

Lender of Last Resort

An institution, typically a country's central bank, that offers loans to banks or other financial institutions that are experiencing financial difficulty or are considered 'too big to fail'.

Subsidized Loans

Loans offered with financial support from a government or organization, often featuring lower interest rates or favorable terms.

Currency Reserves

Funds in foreign currencies held by a central bank or government as part of their international payment assets to influence currency exchange rates and stabilize the economy.

Financial Crisis

A significant disruption in the flow of funds, leading to financial instability in markets and institutions characterized by a rapid devaluation of assets and failure of businesses.