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International accounting standards have the objectives of improving and harmonising financial reporting in developed economies and assisting the development of financial reporting in other, less well-developed economies. Which of the following options best describe the uses of international accounting standards? A. As a compliance requirement of local regulatory bodies. B. As a framework within which local accounting standards are developed. C. All the statements are correct. D. As a set of rules applied by individual companies. E. As a basis of financial reporting in a particular country. |