Section A

Which of the following bodies is primarily responsible for issuing International Financial Reporting Standards (IFRS)?

Answer options:

The IFRS Foundation

The International Accounting Standards Board (IASB)

The IFRS Interpretations Committee

The International Federation of Accountants (IFAC)

How to approach this question

Identify the specific board within the IFRS structure that has the technical mandate to draft and publish standards.

Full Answer

B.The International Accounting Standards Board (IASB)✓ Correct

The International Accounting Standards Board (IASB) is the independent standard-setting body responsible for the development and publication of IFRSs.

Common mistakes

Confusing the oversight body (IFRS Foundation) with the standard-setting body (IASB).

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Practice the full ACCA FA — Financial Accounting Practice Exam 1

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