ACCA Applied Skills · Financial Reporting · Regulatory framework
Which body within the IFRS Foundation structure is responsible for developing and publishing IFRS Accounting Standards after following due process?
The International Accounting Standards Board develops and issues IFRS Accounting Standards after due process. The Trustees oversee governance and funding, the Advisory Council advises, and the Interpretations Committee only addresses application issues, so none of those bodies issues the standards themselves.
- AThe IFRS Interpretations Committee
- BThe International Accounting Standards BoardCorrect
- CThe IFRS Advisory Council
- DThe Trustees of the IFRS Foundation
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, the Advisory Council advises, and the Trustees oversee governance and funding without setting standards.
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