BACHELOR OF BUSINESS ADMINISTRATION

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BUSINESS ADMINISTRATION

FINANCIAL ACCOUNTING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of the following statements is/are true?1-The IFRS Interpretations Committee is a forum for the IASB to consult with the outside world. 2-The IFRS Foundation produces IFRSs. The IFRS Foundation is overseen by the IASB. 3-One of the objectives of the IFRS Foundation is to bring about convergence of national accounting standards and IFRSs.
A
1 and 3 only
B
2 only
C
2 and 3 only
D
3 only
Explanation: 

Detailed explanation-1: -The main activity of the IFRS Interpretations Committee (the Committee) is responding to questions about the application of IFRS Standards. The Committee response may include developing explanatory material or recommending that the International Accounting Standards Board (IASB) amend the existing IFRS Standards.

Detailed explanation-2: -Role of the IFRS Advisory Council advising the Board on agenda decisions and priorities in the Board’s work. informing the Board of the views of the organisations and individuals on the Council on major standard-setting projects. giving other advice to the Board or to the Trustees.

Detailed explanation-3: -IASB members are responsible for the development and publication of IFRS Accounting Standards, including the IFRS for SMEs Accounting Standard.

Detailed explanation-4: -IFRS stands for International Financial Reporting Standards.

There is 1 question to complete.
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