ACCA Applied Knowledge · Financial Accounting · The 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 Interpretations Committee only addresses application issues, the Advisory Council gives advice, and the Monitoring Board oversees public accountability, so none of them issues the standards themselves.
- AThe International Accounting Standards Board (IASB)Correct
- BThe IFRS Interpretations Committee
- CThe IFRS Advisory Council
- DThe Monitoring Board
Explanation
The IASB is the standard-setting body of the IFRS Foundation and develops and issues IFRS Accounting Standards. The Interpretations Committee only provides guidance on application issues, the Advisory Council advises, and the Monitoring Board provides public accountability oversight.
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