Which body issues International Financial Reporting Standards (IFRS)?
Answer and explanation
Correct answer: B. The International Accounting Standards Board
- Step 1: IFRS are developed by the IASB, which is overseen by the IFRS Foundation.
- Step 2: Check the other bodies: IFAC represents the profession, IOSCO represents regulators and the IAASB sets auditing standards.
Answer
The International Accounting Standards Board.
Why not the others: IFAC is the global professional body for the accountancy profession and issues ethics and education pronouncements through its boards, not IFRS. IOSCO brings together securities regulators and encourages adoption of IFRS but does not write them. The IAASB issues auditing standards, so it deals with audits instead of financial reporting standards.
Practise more Context and purpose of financial reporting.
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