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CMA Intermediate · Financial Accounting · Introduction to Accounting Standards (GAAP, AS and Convergence to Ind AS)

The Preface lists the ASB's objective of participating with international bodies in the standard-setting process. Which activity is specifically mentioned as an example?

The Preface gives the example of sending comments on consultative papers, such as Exposure Drafts and Discussion Papers, issued by the IASB and other international bodies like the Asian-Oceanian Standard-Setters Group. It does not give the ASB voting, appointing or certifying powers over the IASB.

  1. ASending comments on consultative papers such as Exposure Drafts and Discussion Papers issued by the IASB and other international bodies like AOSSGCorrect
  2. BVoting on the final text of IFRSs at IASB meetings
  3. CAppointing the members of the IASB
  4. DCertifying IFRS compliance of foreign companies

Explanation

Objective (vi) in paragraph 2.1 says the ASB proactively participates with national and international bodies, for example by sending comments on Exposure Drafts, Discussion Papers and similar papers issued by the IASB and bodies such as AOSSG. No voting, appointing or certifying role is mentioned.

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