Sustainability Accounting Standards Board (SASB) Level 1 Practice Test

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What is the goal of IFRS Standards?

To develop a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

The goal is to develop a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. This creates a common, globally adopted framework so financial statements are comparable across borders, helping investors and other users assess and compare performance more easily. It’s not limited to a region, nor does it aim to replace all non-GAAP measures with GAAP equivalents, and it doesn’t involve deferring accounting decisions to national regulators—the aim is harmonization under a universal set of standards.

To create a set of standards only for European markets.

To replace all non-GAAP measures with GAAP equivalents.

To defer accounting decisions to national regulators.

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