ACCA FA · Chapter 1 · Question 6 of 10
What is the main role of the IFRS Interpretations Committee?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) To review accounting issues arising in practice and issue guidance on the application of existing standards
Explanation
The IFRS Interpretations Committee considers widespread application issues that are not specifically addressed in standards, or where unsatisfactory or conflicting interpretations have developed, and issues interpretations (approved by the IASB). Appointments and funding are the Trustees' responsibility. Approval of financial statements is a matter for each company's directors, and enforcement is carried out by national regulators.
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