ACCA Applied Skills · Financial Reporting · Regulatory framework
Which of the following is a function of the IFRS Advisory Council?
The IFRS Advisory Council advises the IASB on agenda decisions and priorities and on the implications of proposed standards for users and preparers. It does not issue interpretations, approve standards, or manage funding and governance, which belong to the Interpretations Committee, the IASB and the Trustees respectively.
- AIssuing IFRS Interpretations
- BAdvising the IASB on agenda decisions and priorities, and on the implications of proposed standards for users and preparersCorrect
- CApproving the final text of each IFRS Accounting Standard
- DSecuring funding for the IFRS Foundation and overseeing the Board's governance
Explanation
The Advisory Council is a forum for organisations and individuals with interest in international financial reporting and advises the IASB and Trustees on priorities and the implications of proposals. Interpretations come from the Interpretations Committee, standards are approved by the IASB, and funding and governance fall to the Trustees.
Did you get it right without looking?
One question tells you little. A timed set on Regulatory framework shows your real accuracy, how long you take and where you lose marks.
More Regulatory framework questions
- A transaction arises that is not specifically addressed by any IFRS Accounting Standard. Under IAS 8, management must use judgement to devel…
- Which of the following best describes the primary role of the IFRS Interpretations Committee in the IFRS regulatory structure?
- Zeta Co's financial statements state that they comply with IFRS Accounting Standards, except that management chose not to apply one recognit…
- Which of the following is a change in accounting estimate, rather than a change in accounting policy or a prior period error, under IAS 8?
- Which statement best describes the role of the IFRS Interpretations Committee?
- The IFRS Foundation is developing a new IFRS Accounting Standard. Under its due process, which of the following steps is a required (mandato…