Status of IFRS Standards

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August 27, 2019 at 4:48 pm #536984
vaishnavimamidipudi
Participant
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Hello sir,

Why is it so that IASB or the IFRS Foundation cannot enforce the compliance with the IFRS standards…. What is the actual status of IFRS standards…

Why does the Board has only a persuasive role?
August 27, 2019 at 8:42 pm #539724
P2-D2
Keymaster
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Hi,

It is up to the local jurisdiction/law as to what standards are applied by which entity. They will either be local rules or IFRS rules, the IASB Foundation has no say in which should be applied.

Thanks
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