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ACCA Strategic Professional · Strategic Business Reporting (International) · Discussion of issues in financial reporting

Which body is responsible for approving and issuing IFRS Accounting Standards, after following a due process that includes public consultation?

The IASB approves and issues IFRS Accounting Standards after its due process, including consultation. The Interpretations Committee provides guidance on application, the Advisory Council gives strategic advice, and the Monitoring Board provides public oversight of the IFRS Foundation rather than setting standards.

  1. AThe IFRS Interpretations Committee
  2. BThe International Accounting Standards Board (IASB)Correct
  3. CThe IFRS Advisory Council
  4. DThe IFRS Foundation Monitoring Board

Explanation

The IASB is the standard-setting body of the IFRS Foundation and issues IFRS Accounting Standards after due process. The Interpretations Committee only develops interpretations and agenda decisions, the Advisory Council advises the IASB, and the Monitoring Board oversees the Foundation's public accountability.

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