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There are four separate but related bodies which control the setting of International accounting standards (IFRS's).
Which THREE of the following are included in the standard setting process?
Suggested Answer: A, C, F
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28 comments · newest first
HA
Halina
10 months ago
CIMA? Really? I don't think so.
ID
Idella
10 months ago
I think FASB is also part of it.
NU
Nu
10 months ago
IASB and IFRIC are definitely in there.
SI
Simona
11 months ago
Totally agree, IASB is a must!
LO
Louvenia
11 months ago
Wait, IASCF? Is that even a thing?
LE
Leatha
11 months ago
I feel like the FASB is more related to US GAAP, but I think it might still play a role in the international context.
KI
Kiley
11 months ago
The ASB sounds familiar, but I can't recall if it's part of the international process or just for the UK.
VA
Van
12 months ago
I remember the IFRIC being mentioned in our lectures, so I think it might be one of the correct answers too.
JA
Jani
12 months ago
I think the IASB is definitely one of the main bodies involved in setting IFRS standards, but I'm not sure about the others.
EL
Eleonora
12 months ago
This is a good test of my knowledge on the IFRS framework. I'll methodically go through each option and eliminate the ones that don't fit the criteria.
TO
Tomoko
1 year ago
Wait, is CIMA part of the IFRS standard-setting process? I'm not sure about that one. I'll have to double-check my notes to be certain.
MI
Mindy
1 year ago
Okay, I've got it - IASB, IFRIC, and IASCF are the three bodies that are part of the IFRS standard-setting process. I'm confident in those choices.
TE
Tequila
1 year ago
Hmm, I'm a bit unsure about this one. There are a lot of options and I want to make sure I get the right three. Let me think through this carefully.
TH
Thora
1 year ago
This looks like a straightforward question on the standard-setting process for IFRS. I'll start by identifying the three bodies that are directly involved in that process.
JE
Jestine
1 year ago
I bet the exam writer was trying to trick us with that CIMA option. Nice try, but I'm not falling for it! The IASB, IFRIC, and IASCF are the ones we need to focus on here.
YO
Yoko
1 year ago
Hmm, let's see... The IASB, IFRIC, and IASCF are the international bodies responsible for IFRS, so those are the obvious choices. The others are either regional or not directly involved in standard-setting.
FE
Felix
1 year ago
I'm not sure about D and E, but I know A, C, and F are important in setting international accounting standards.
TH
Thomasena
1 year ago
I agree with Hobert, those three are definitely part of it.
RO
Rosendo
1 year ago
This is a tricky one, but I'm pretty sure the IASB, IFRIC, and IASCF are the right answers. The ASB and CIMA are not directly involved in IFRS, and FASB is more of a US thing.
LO
Loren
1 year ago
I think the IASB, IFRIC, and FASB are the three correct choices here. The IASB and IFRIC are international bodies, and FASB is a key player in accounting standards, even though it's more US-focused.
OD
Odette
1 year ago
Yes, the IFRIC is also important in the standard setting process.
MA
Mariann
1 year ago
I agree, the IASB is definitely one of the bodies involved in setting international accounting standards.
NI
Nikita
1 year ago
The IASB, IFRIC, and IASCF are definitely part of the standard-setting process. The ASB and FASB are more regional bodies, so they shouldn't be included. CIMA is an accounting organization, but not directly involved in setting IFRS standards.
TA
Tasia
1 year ago
Yes, the ASB and FASB focus on regional standards, and CIMA is not directly involved in setting IFRS standards.
LI
Lili
1 year ago
Yes, the ASB and FASB focus on regional standards, and CIMA is not directly involved in setting IFRS.
BR
Brice
1 year ago
I agree, the IASB, IFRIC, and IASCF are the ones involved in setting IFRS standards.
CR
Cristal
1 year ago
I agree, the IASB, IFRIC, and IASCF are the ones involved in setting IFRS standards.
HO
Hobert
1 year ago
I think A, C, and F are included in the standard setting process.