ACCA BT · Chapter 7 · Question 7 of 10
Which body is responsible for developing and issuing International Financial Reporting Standards?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) The International Accounting Standards Board
Explanation
The International Accounting Standards Board (IASB) is the independent standard-setting body of the IFRS Foundation that develops and issues IFRS. The IFRS Advisory Council provides advice to the IASB, IFAC is the global body for the accountancy profession, and tax authorities do not set financial reporting standards.
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