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(1.11) 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
Answer – DHow is first statement wrong? It is saying that this work is of advisory council.
I studied that IFRSAC only advises for the issue regarding IFRS they are appointed to. Can you please explain tutor?As is stated in Chapter 27 of our free lecture notes (and the free lectures working through the chapter) it is the Advisory Council that consults with interested bodies and gives advice to the IASB.
The IASB then issues the standard.
The role of the Interpretations Committee is then to advise on how to apply the standard – they are not consulting with anyone, just advising how the standard should be applied in specific situations.
Yes tutor. I even watched your lectures and notes which said that IFRSAC consults with businessmen and other interested bodies. In Kaplan, it is saying that this is work for IFRSIC has meetings open to public. IFRSAC advice board and recommend priorities of their work. It is really confusing.
I cannot comment on what Kaplan may or may not say – I do not have the Kaplan books. What is in our notes and lectures is correct and is to the level needed to be able to pass the exam well.
Allowing the public to attend meetings does not mean that the Interpretations Committee is consulting with them (consulting implies that the public is being asked for their opinion, which is not the case here). It is just explaining to the public how the standard should be applied in various circumstances.
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