Accounting for IGCSE & O level - Advanced Principles (Section 5 - No. 20)
What is the purpose of international accounting standards?
To eliminate all accounting differences globally.
To ensure every company reports the same financial figures.
To enhance the comparability and reliability of financial statements across countries.
To dictate a specific chart of accounts for every business.
Explanation
International accounting standards increase the comparability and reliability of financial statements across different countries.