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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?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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