Problem
Historically, financial reporting throughout the world has differed widely. The IFRS foundation (formerly the International Accounting Standards Committee Foundation (IASCF)) 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 IFRS foundation are sometimes collectively referred to as International Financial Reporting Standards (IFRS)
Task
1. Describe the IFRS Foundation's standard setting process.
2. Identify THREE advantages and THREE disadvantages of International Harmonisation of accounting standards to companies.
3. What are the IFAC's code of conduct for a professional accountant.