(1) Is International Standards applies to every country that traded with the United States? (2) When United States invested in foreign countries such as Middle-East for Oil should these countries comply with United States Law and the International Accounting Standards Board (IASB) and International Financial Reporting Standards (IFRS)?
The reason I'm saying is LNG has USA involvement in our region. Can professional or student in the field of accounting give some inputs on these Laws? Is PNG accounting Laws abiding with this? Thank you.