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Worldatwork Exam T7 Topic 2 Question 112 Discussion

Actual exam question for Worldatwork's T7 exam
Question #: 112
Topic #: 2
[All T7 Questions]

What is one of the primary purposes of the International Accounting Standards Board (IASB)?

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Suggested Answer: A

by Leontine at Jun 14, 2025, 12:16 AM

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Lynsey
11 days ago
Monitoring the IASB's effectiveness, as in option D, is more of a secondary function. The main goal is to set those global accounting standards.
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Jutta
1 days ago
A) To develop a single set of high quality and enforceable global accounting standards
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Yolando
18 days ago
Haha, option C is a bit of a joke. Appointing a council is important, but not the IASB's primary purpose.
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Tegan
20 days ago
I think the IASB's main purpose is to make sure accounting practices are consistent worldwide. Option A captures that well.
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Man
6 days ago
A) To develop a single set of high quality and enforceable global accounting standards
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Yvonne
22 days ago
Option B sounds more like a secondary purpose of the IASB. Aligning US standards with IASB standards is important, but not the primary purpose.
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Beata
1 days ago
B) To align US standards and International Accounting Standards Board (IASB) standards
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Beata
4 days ago
A) To develop a single set of high quality and enforceable global accounting standards
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Pura
29 days ago
But wouldn't aligning US standards with IASB standards achieve the same goal?
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Junita
1 months ago
I agree with Alyce. The IASB's main goal is to create a unified set of international accounting standards.
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Kate
2 months ago
I agree with Natalie. Having one set of standards would make financial reporting more consistent.
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Alyce
2 months ago
Definitely option A. The IASB's primary purpose is to develop global accounting standards that are of high quality and enforceable.
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Mona
17 days ago
Global standards can also make it easier for investors and stakeholders to understand financial information.
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Leana
22 days ago
Yes, option A is the right choice. The IASB wants to create high quality and enforceable standards.
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Vivienne
27 days ago
Yes, having a single set of global standards can help improve transparency and comparability.
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Vicente
28 days ago
I agree, option A is correct. The IASB aims to develop global accounting standards.
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Herminia
1 months ago
It's important to have consistent and high quality standards for financial reporting.
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Leota
2 months ago
I agree, option A is correct. The IASB aims to develop global accounting standards.
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Natalie
2 months ago
I think the primary purpose of IASB is to develop global accounting standards.
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