ExpertEasy2 marksMultiple Choice
ACCA · Question 02 · The context and purpose of financial reporting
Which of the following bodies is primarily responsible for issuing International Financial Reporting Standards (IFRS)?
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 Financial Action Task Force (FATF)
How to approach this question
Recall the structure of the IFRS regulatory framework.
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 IFRS.
Common mistakes
Selecting the IFRS Foundation, which is the parent oversight body, rather than the standard-setting board.
Practice the full ACCA FA — Financial Accounting Practice Exam 2
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