ACCA Applied Knowledge · Financial Accounting · The regulatory framework
Which body is responsible for approving and publishing new IFRS Accounting Standards?
The International Accounting Standards Board (IASB) approves and publishes IFRS Accounting Standards. The IFRS Foundation Trustees oversee governance and funding, the Advisory Council gives advice, and the Interpretations Committee addresses application questions, so none of them issue the standards themselves.
- AIFRS Foundation Trustees
- BInternational Accounting Standards Board (IASB)Correct
- CIFRS Advisory Council
- DIFRS Interpretations Committee
Explanation
The IASB is the standard-setting body that develops and issues IFRS Accounting Standards. The Trustees oversee governance and funding but do not set standards. The Advisory Council advises, and the Interpretations Committee deals with application issues.
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