ExpertEasy2 marksMultiple Choice
ACCA · Question 16 · The Context and Purpose of Financial Reporting
Section A
Which of the following bodies is responsible for issuing International Financial Reporting Standards (IFRS)?
Section A
Which of the following bodies is responsible for issuing International Financial Reporting Standards (IFRS)?
Answer options:
A.
IFRS Foundation
B.
International Accounting Standards Board (IASB)
C.
IFRS Interpretations Committee
D.
Financial Action Task Force (FATF)
How to approach this question
Recall the structure of the IFRS Foundation. The IASB is the specific board that drafts and issues the standards.
Full Answer
B.International Accounting Standards Board (IASB)✓ Correct
The International Accounting Standards Board (IASB) is the independent standard-setting body of the IFRS Foundation. Its members are responsible for the development and publication of IFRS Standards.
Common mistakes
Selecting the IFRS Foundation, which is the parent oversight body, not the standard-setting board.
Practice the full ACCA FA — Financial Accounting Practice Exam 6
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