CIMA Exam CIMAPRA19-F01-1 Topic 5 Question 93 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam

Question #: 93
Topic #: 5

Which of the following is the responsibility of the International Financial Reporting Standards Interpretations Committee?

AThe development and publication of new international financial reporting standards.

BTo provide a forum for interested parties to participate in the formulation of international financial reporting standards.

CTo provide authoritative guidance on the application of international financial reporting standards where conflicting practice has developed.

DTo advise the International Accounting Standards Board on the agenda and priorities for future work.

Show Suggested Answer

Suggested Answer: A

by Scarlet at Jul 16, 2024, 07:33 AM

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Susana

3 days ago

This seems like a tricky one. My guess is C, but I'm not entirely sure. Time to review the IFRS Interpretations Committee's responsibilities again.

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Laine

4 days ago

I believe they also advise the IASB on future work priorities. So, option D is also part of their responsibilities.

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Amie

12 days ago

I agree with Julieta. The committee's role is crucial in ensuring consistent application of the standards globally.

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I think the responsibility of the IFRS Interpretations Committee is to provide authoritative guidance on the application of international financial reporting standards where conflicting practice has developed.

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