You are the Senior Financial Accountant of Smarties (Pty) Ltd – a distributor of party foods and sweet treats. You recently recruited a Junior Accountant, Ms Jelly Pretzel, to assist you with your duties and you are in the process of training her to assist you in preparing the financial statement for the year ended 30 June 2021. During your training, Miss Pretzel told you “I remember learning about the International Financial Reporting Standards and the Conceptual Framework in my second‐year accounting module at university, but I don’t really see how that is relevant to Smarties (Pty) Ltd” Discuss in your own words the objective of the following subsidiary bodies of the IFRS Foundation: IFRS Advisory Council. IFRS Interpretations Committee
You are the Senior Financial Accountant of Smarties (Pty) Ltd – a distributor of party foods and sweet treats. You recently recruited a Junior Accountant, Ms Jelly Pretzel, to assist you with your duties and you are in the process of training her to assist you in preparing the financial statement for the year ended 30 June 2021. During your training, Miss Pretzel told you “I remember learning about the International Financial Reporting Standards and the Conceptual Framework in my second‐year accounting module at university, but I don’t really see how that is relevant to Smarties (Pty) Ltd”
Discuss in your own words the objective of the following subsidiary bodies of the IFRS Foundation:
IFRS Advisory Council.
IFRS Interpretations Committee
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