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Worldatwork Exam T7 Topic 2 Question 74 Discussion

Actual exam question for Worldatwork's T7 exam
Question #: 74
Topic #: 2
[All T7 Questions]

Which statement below most accurately describes a primary purpose of the Standards Advisory Council (SAC)?

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Suggested Answer: A

by Andra at Sep 01, 2023, 08:48 AM

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Jerilyn
3 months ago
I'm pretty sure the IASB is the one that actually issues the detailed accounting standards, not the SAC. So Option C can't be right either.
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Teri
2 months ago
C) Approves principles-based standards but does not issue detailed application guidelines
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Cecily
2 months ago
B) Appoints International Accounting Standards Board (IASB) members
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Queen
2 months ago
A) Informs International Accounting Standards Board (IASB) of implications of proposed standards
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Herminia
3 months ago
Haha, I wish the SAC had the power to set standards! That would make my life as an accountant a lot easier. But alas, Option D is not correct.
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Hannah
3 months ago
I agree with Clay. The SAC is an advisory body, not the standard-setting authority. Option A best describes their primary purpose.
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Emilio
2 months ago
Option A is the most accurate description of the primary purpose of the SAC.
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Emilio
2 months ago
Yes, the SAC is an advisory body and does not have the sole responsibility for setting standards.
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Emilio
3 months ago
I agree, the SAC informs the IASB of implications of proposed standards.
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Clay
4 months ago
Option A seems the most accurate to me. The SAC's role is to provide input to the IASB on the implications of their proposed standards, not to appoint members or set standards themselves.
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Eileen
2 months ago
Definitely, having that input helps the IASB make more informed decisions when developing new standards.
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Cheryll
2 months ago
It's important for the SAC to inform the IASB about how their standards may affect different stakeholders.
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Claribel
2 months ago
Yeah, the SAC doesn't appoint members or set standards. They just give feedback to the IASB.
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Phillip
3 months ago
I agree, option A makes the most sense. The SAC helps the IASB understand the impact of their proposed standards.
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Ben
4 months ago
I believe SAC also plays a role in approving principles-based standards without issuing detailed application guidelines.
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Adell
4 months ago
I agree with Yuonne. It's important for SAC to provide feedback to IASB on how new standards may impact the industry.
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Yuonne
4 months ago
I think the primary purpose of SAC is to inform IASB of implications of proposed standards.
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