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ACCA Applied Skills · Financial Reporting · Regulatory framework

Which statement best describes the role of the IFRS Interpretations Committee?

The IFRS Interpretations Committee reviews widely occurring application issues in IFRS Accounting Standards and provides timely guidance or interpretations. It does not appoint Board members, which is the Trustees' job, enforce compliance, which is for national regulators, or advise on the agenda, which is the Advisory Council's role.

  1. AIt appoints the members of the IASB and sets its budget
  2. BIt reviews widely occurring financial reporting issues arising from applying IFRS Accounting Standards and provides timely guidance, including interpretations where neededCorrect
  3. CIt enforces compliance with IFRS Accounting Standards by listed companies and imposes fines
  4. DIt advises the IASB on its agenda and on the views of organisations affected by standards

Explanation

The Interpretations Committee addresses application issues and develops interpretations, with IASB approval. Appointing members and funding is the Trustees' role, enforcement belongs to national regulators, and advising on agenda and views is the Advisory Council's role.

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