Question

RELATIONSHIP AMONG

1. IASC, IASB, IAS, and IFRS

2. IOSCO, IFAC, IAASB

Answer 1

IASC, IASB, IAS, and IFRS

IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC in 2000 in order to find a way to bring about convergence between national accounting standards and practices and high-quality global accounting standards. In the current times, there are no new IAS issued and any changes are brought upon by issue of IFRS which supersedes relevant IAS.

IOSCO, IFAC, IAASB

The International Organisation of Securities Commissions is an association of organisations that regulate the world’s securities and futures markets, IAASB is entrusted with issue of auditing standards convergence at national and international standards whereas IFAC is the international federation of accountants. The organization supports the development, adoption and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. ISOCO needs a regularised and standardised standards on how to do accounting in securities market which needs to be auditied through standards on auditing convergent at international level for the uniform standards for regulation of the securities market.