The organisational structure of the International Financial Reporting Standards (IFRS) Foundation comprises various subsidiary bodies, amongst others: a) The International Accounting Standards Board (IASB), and  b) The IFRS Interpretations Committee.  Required: The above subsidiary bodies each have roles and primary responsibilities. What are the roles and primary responsibilities that the above subsidiary bodies need to fulfil in the standard setting process?

Q: Which body appoints the members of International Accounting Standards Board (IASB) that make the…

A: International Accounting Standards Board (IASB) is a board which prescribe International Financial…

Q: Which International body issued the Code of Ethics for Professional Accountants? a. IESBA b. IFRS c.…

A: IESBA: The IESBA's goal is to offer the public interest by establishing ethics standards, such as…

Q: What would happen if both GAAP and IFRS adopted fiar value accounting? Consider both consoldiation…

A: GAAP GAAP, or usually Accepted Accounting Principles, could be a commonly recognized set of rules…

Q: Discuss the relationship and differences of functions between the following associations in the USA:…

A: The Financial Planning Association (FPA) and the Financial Planning Standards Board (FPSB) are two…

Q: International fi nancial reporting standards are currently developed by which entity? C . Th e…

A: International Financail Reporting standards, Most commonly Known As IFRS. are group of…

Q: If a single set of worldwide accounting standards were to be developed, should it be…

A: Answer:-  Accounting standard meaning:- A unified collection of guidelines that serve as the…

Q: The International Accounting Standards Board (IASB) works to formulate international accounting…

A: International Accounting Standard Board: IASB is an independent organization consisting of experts…

Q: The existing procedures for setting international Financial Reporting Standards were  established in…

A: The International Financial Reporting Standards Foundation (IFRSF) is an independent, not-for-profit…

Q: List the types of authoritative pronouncements that constitute International Financial Reporting…

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: From the following, which is the correct form of IFAC? a. International Federation of Audit…

A: IFAC is an organisation which is globally representing the accounting profession.

Q: Define generally accepted accounting principles (GAAP) and discuss the historical  development of…

A: Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of…

Q: describe roles and desirable attributes of fi nancial reporting standard-setting bodies and…

A: The standard setting bodies & regulatory authorities play an important role in developing &…

Q: The international conceptual framework describes the objective of, and concepts for, general purpose…

A: General-purpose financial reporting as described in the conceptual framework is to provide financial…

Q: What is the relation of harmonization in international accounting

A: In accounting each country follows different types of accounting practices and standards.…

Q: nting standards of a country with that of IASB is a

A: The Accounting Standard Board (ASB) of the Institute of Chartered Accountants of India (ICAI)…

Q: Critically appraise the benefits and drivers of international financial reporting convergence and…

A: Financial reporting convergence refers to the process of reducing differences and promoting…

Q: describe the status of global convergence of accounting standards and ongoing barriers to developing…

A: Accounting standards are the set of concepts and principles that are the basis to perform financial…

Q: ards. 1. History of Accounting standards (IFRS and GAAP) 2. Boards or organization associated IFRS.…

A: Since you have asked multiple question, we will solve the first 2 question for you. If youwant any…

Q: 4) The purpose of the International Accounting Standards Board is to: a) regulates stock prices at…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: In common law countries accounting focuses on economic substance and the standards and procedures…

A: Common law is defined as the laws that are in unwritten form grounded on the legal precedents that…

Q: IFRS are determined by the O a. International Accounting Studies Board. b. International Auditors'…

A: IFRS (International financial reporting standards) refers to a set of rules and guidelines which…

Q: Which of the following organizations issue standards that focus on both internal and external…

A: The organization that issues standards that focus on both internal and external financial reporting…

Q: ​________ is the process of bringing different national Generally Accepted Accounting Principles…

A: Harmonization will help multinational companies to compare their financial statement globally.…

Q: discuss the challenges faced by the International Accounting Standard Board (IASB) in the…

A: IASB IASB is an independent body that laid the foundation of International financial reposting…

Q: For whom were IAASB International Auditing Standards created?

A: IAASB International Auditing standards (ISA) were introduced for the setting an international…

Q: 1.         Authoritative standards for IFRS include: a) International Financial Reporting Standards…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of the following groups is responsible for developing auditing standards for public firms in…

A: American Institution of Certified Public Accountant (AICPA) is a professional body in the US that…

Q: Explain the relationship between the SEC and the various private sector standard-setting bodies that…

A: SEC has the power to prescribe the accounting practices and principles to be employed by the…

Q: Question: In the context of financial reporting challenges, what is a potential implication of…

A: Financial reporting challenges in a global regulatory context pertain to the difficulties…