ACCA Applied Knowledge · Financial Accounting · The regulatory framework
Which body is responsible for developing and issuing International Financial Reporting Standards (IFRS Accounting Standards)?
The IASB develops and issues IFRS Accounting Standards. It is the standard-setting arm of the IFRS Foundation. The Interpretations Committee only gives guidance on applying standards, the Advisory Council advises, and IOSCO represents securities regulators rather than setting standards.
- AThe International Accounting Standards Board (IASB)Correct
- BThe IFRS Advisory Council
- CThe International Organization of Securities Commissions (IOSCO)
- DThe IFRS Interpretations Committee
Explanation
The IASB is the standard-setting body of the IFRS Foundation and issues IFRS Accounting Standards. The Interpretations Committee only provides guidance on application issues, and the Advisory Council advises the IASB. IOSCO is an international body of securities regulators and does not set accounting standards.
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