ACCA Applied Knowledge · Financial Accounting · The regulatory framework
Which statement about the IFRS Advisory Council is correct?
The IFRS Advisory Council is a forum that advises the IASB and Trustees on agenda priorities and the implications of proposed standards for stakeholders. It does not approve standards, issue interpretations or enforce compliance, so the other options describe roles of different bodies.
- AIt approves each new IFRS Accounting Standard before issue
- BIt is a forum giving the IASB advice on priorities, agenda decisions and the views of organisations and individuals affected by standardsCorrect
- CIt issues interpretations of existing standards
- DIt prosecutes companies that breach IFRS
Explanation
The Advisory Council is a strategic advisory body to the IASB and Trustees, representing diverse stakeholders. It has no power to approve standards, issue interpretations or take enforcement action.
Did you get it right without looking?
One question tells you little. A timed set on The regulatory framework shows your real accuracy, how long you take and where you lose marks.
More The regulatory framework questions
- Which of the following statements best explains why regulation is needed because of the separation of ownership and management in a large co…
- An entity's accountant says a lease can be treated as off statement of financial position because it falls just below a numerical percentage…
- Which of the following correctly describes the role of the IFRS Interpretations Committee (IFRIC) within the IFRS Foundation structure?
- Which statement best describes a principles-based approach to financial reporting standards, as followed by IFRS Accounting Standards?
- Which of the following is a primary reason why the IASB consults widely and publishes drafts for comment before issuing a standard?
- Following a request from a government to speed up a standard, the IASB wishes to confirm that it has met its due process obligations before …