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.

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Definitions:

Direct Materials

Raw materials that can be directly attributed to the production of a product.

Cotton

A natural fiber and a key agricultural commodity used primarily in the textile industry for making fabrics.

Internal Auditing

The independent, objective assurance and consulting activity designed to add value and improve an organization's operations, focusing on internal controls and business processes.

Administrative Expense

Costs related to the general management and administration of an organization, such as salaries of executives and office supplies.