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Historically financial reporting throughout the world has differed widely. The International Accounting Standards Boards (IASB) is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. The various pronouncements of the IASB are sometimes collectively referred to as "International GAAP".
Problem i) Describe the IASB's standard setting process including how standards are produced, enforced and occasionally supplemented.
Problem ii) Comment on whether you feel the move to date towards global accounting standards has been successful.
Post the name of your company in the SEC 10-K company for my approval in the Discussion. Ask questions if any of the requirements are unclear.
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