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ACCA Applied Knowledge · Financial Accounting · The regulatory framework

Which body develops and issues IFRS Accounting Standards, and which body oversees the trustees who govern it?

The IASB develops and issues IFRS Accounting Standards. It operates under the IFRS Foundation trustees, who are accountable to a Monitoring Board of public authorities. The Interpretations Committee and Advisory Council have supporting roles of interpretation and advice rather than issuing standards.

  1. AThe IASB issues the standards; the IFRS Foundation trustees are overseen by a Monitoring Board of public authoritiesCorrect
  2. BThe IFRS Interpretations Committee issues the standards; the IASB oversees its trustees
  3. CThe IFRS Advisory Council issues the standards; the IASB oversees its trustees
  4. DThe IASB issues the standards; the IFRS Advisory Council oversees the trustees

Explanation

The IASB develops and issues IFRS Accounting Standards. It is overseen by the IFRS Foundation trustees, who are in turn accountable to a Monitoring Board of public authorities. The Interpretations Committee only issues interpretive guidance and the Advisory Council advises the IASB.

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