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ACCA Applied Knowledge · Financial Accounting · The context and purpose of financial statements for external reporting

Which body is responsible for developing and issuing IFRS Accounting Standards?

The International Accounting Standards Board (IASB) develops and issues IFRS Accounting Standards. The IAASB issues auditing standards, IFAC represents the accountancy profession and IOSCO is an association of securities regulators, so none of those bodies is responsible for setting the accounting standards themselves.

  1. AInternational Accounting Standards Board (IASB)Correct
  2. BInternational Auditing and Assurance Standards Board (IAASB)
  3. CInternational Federation of Accountants (IFAC)
  4. DInternational Organization of Securities Commissions (IOSCO)

Explanation

The IASB is the standard-setting body that develops and issues IFRS Accounting Standards. The IAASB deals with auditing standards, and IFAC is the global accountancy profession body. IOSCO is an association of securities regulators and does not set accounting standards.

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