Question 1

The International Accounting Standards Board (IASB), the body at the center of international accounting standards convergence, seeks to develop a single set of high-quality global accounting standards and to promote the worldwide adoption of a uniform set of accounting standards. This set of accounting standards is now known as International Financial Reporting Standards (IFRSs).

(a) Explain whether the adoption of IFRSs by different countries would mean that the accounting procedures and practices adopted by the respective countries will be consistent and comparable internationally. (12 marks)