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)?

AInforms International Accounting Standards Board (IASB) of implications of proposed standards

BAppoints International Accounting Standards Board (IASB) members

CApproves principles-based standards but does not issue detailed application guidelines

DHas the sole responsibility for setting standards

Show Suggested Answer

Suggested Answer: A

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

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Clay

6 days 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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Ben

11 days ago

I believe SAC also plays a role in approving principles-based standards without issuing detailed application guidelines.

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Adell

12 days 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

21 days ago

I think the primary purpose of SAC is to inform IASB of implications of proposed standards.

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