SECTION A

Which TWO of the following statements regarding the regulatory framework and the standard-setting process are CORRECT?

The IFRS Foundation is responsible for the governance and funding of the International Accounting Standards Board (IASB).

The IASB has the legal authority to enforce compliance with IFRS Standards globally.

The IFRS Interpretations Committee provides guidance on newly identified financial reporting issues not specifically addressed in IFRSs.

A Discussion Paper is the mandatory final step before an IFRS Standard is issued.