ExpertEasy2 marksMultiple Choice
ACCA · Question 02 · The context and purpose of financial reporting
Section A
Which of the following bodies is primarily responsible for issuing International Financial Reporting Standards (IFRS)?
Section A
Which of the following bodies is primarily responsible for issuing International Financial Reporting Standards (IFRS)?
Answer options:
A.
The IFRS Foundation
B.
The International Accounting Standards Board (IASB)
C.
The IFRS Interpretations Committee
D.
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).
Practice the full ACCA FA — Financial Accounting Practice Exam 1
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