Question

Indicate the organization related to IFRS that performs each of the following functions: 

1. Obtains funding for the IFRS standard-setting process.

2. Determines IFRS. 

3. Oversees the IFRS Foundation. 

4. Provides input about the standard-setting agenda. 

5. Provides implementation guidance about relatively narrow issues.

Answer 1

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) are a set of guidelines which are conceptually framed and approved by International accounting standards board (IASB) for the preparation, presentation and disclosure of international financial reports.

 

Identify the organizations in relation to their functions for IFRS.

 

1.

International Accounting Standards Committee Foundation (IASCF) is the organization which raises funds for the IFRS standard-setting process.

 

2.

International Accounting Standards Board (IASB) is the organization which provides oversight and regulates IFRS.

 

3.

International Organization of Securities Commissions (IOSCO) is the organization which facilitates and encourages co-operation among securities regulators to promote effective and efficient capital markets for IFRS.

 

4.

Standards Advisory Council (SAC) is the organization which provides input on agenda and projects of IFRS.

 

5.

International Financial Reporting Interpretations Committee (IFRIC) is the organization which implements and deals guidance about emerging narrow issues for IFRS.

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) are a set of guidelines which are conceptually framed and approved by International accounting standards board (IASB) for the preparation, presentation and disclosure of international financial reports.