ACCA Applied Knowledge · Financial Accounting · The regulatory framework
Which body within the IFRS Foundation structure is responsible for developing and issuing IFRS Accounting Standards?
The International Accounting Standards Board develops and issues IFRS Accounting Standards. It is the technical standard-setting arm of the IFRS Foundation, whereas the Interpretations Committee, Advisory Council and Monitoring Board have interpretive, advisory or oversight roles rather than issuing standards.
- AIFRS Interpretations Committee
- BInternational Accounting Standards BoardCorrect
- CIFRS Advisory Council
- DMonitoring Board
Explanation
The IASB is the standard-setting body that develops and publishes IFRS Accounting Standards. The Interpretations Committee only provides guidance on application issues, the Advisory Council advises, and the Monitoring Board oversees public accountability of the Trustees.
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