The International Accounting Standards Board's Objective for International Accounting Standards

question 18

Multiple Choice

The international Accounting Standards Board's objective for International Accounting Standards would be best described as

• A) Adoption
• B) Harmonisation
• C) Convergence
• D) Adaption

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Definitions:

Enforceability

The capability of a legal document or provision to be implemented or acted upon in a court of law.

Disaffirm

The legal act of denying, rejecting, or declaring a contract or agreement void, especially in cases involving minors or fraud.

Age of Adulthood

The legally recognized age at which an individual is considered an adult and responsible for his/her actions under the law.

Forbearance

The act of refraining from doing (or promising not to do) something that a person has a legal right to do.