CIMA BA3 · Chapter 1 · Question 7 of 10
Which body is responsible for developing and issuing IFRS Accounting Standards?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) The International Accounting Standards Board (IASB)
Explanation
The IASB is the independent standard-setting body that develops and issues IFRS Accounting Standards. The Advisory Council only advises the IASB and the Trustees, stock exchanges may require IFRS for listing but do not write the standards, and auditors report on financial statements but do not set standards.
More The accounting framework and the Conceptual Framework MCQs
- Q9Which of the following is a current value measurement basis described in the IASB Conceptual Framework?
- Q10Under the revised IASB Conceptual Framework, an item that meets the definition of an element is recognised in the financial statements when:
- Q1Which of the following best describes the main purpose of financial accounting, as distinct from management accounting?
- Q2According to the IASB Conceptual Framework for Financial Reporting, what is the objective of general purpose financial reporting?
- Q3Which group does the Conceptual Framework identify as the primary users of general purpose financial reports?