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accounting concepts and conventions.

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › accounting concepts and conventions.

  • This topic has 1 reply, 2 voices, and was last updated 13 years ago by Vipin .
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  • November 16, 2011 at 11:29 am #50525
    keruanne1
    Member
    • Topics: 2
    • Replies: 5
    • ☆

    Would someone clarify to me :
    Do the IASB have the power to enforce compliance with IASs/IFRSs?
    Do the IASB have a stronger legal backing than the IASC?

    November 16, 2011 at 8:11 pm #89880
    Vipin
    Member
    • Topics: 151
    • Replies: 365
    • ☆☆☆☆

    IASB do not have power to enforce. government of each nation should enforce it. many govts make GAAP to enforce IAS/IFRS.

    IASC Foundation (IFRS foundation, its new name) are appointed and monitered by monitoring board of public capital market authorities and so it should be having more legal power.

    IASB is responsible only for issuing standards. In BPP text they listed objective of IASB , actually all that are objectives of IASC Foundation,

    Or IASC was old one which was overtaken by IASB.

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