Worldatwork Exam T7 Topic 2 Question 86 Discussion

Actual exam question for Worldatwork's T7 exam

Question #: 86
Topic #: 2

[All T7 Questions]

Which body has the sole responsibility for setting standards?

AStandards Advisory Council (SAC)

BInternational Accounting Standards Board (IASB)

CInternational Financial Reporting Interpretations Committee (IFRIC)

DAccounting Principles Board (APB)

Show Suggested Answer

Suggested Answer: A

by Pura at Apr 28, 2024, 09:41 AM

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Kasandra

5 days ago

The IASB is the obvious choice here, as they are responsible for setting international accounting standards. The other options seem more like advisory or interpretative bodies.

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Margret

7 days ago

I'm not sure, but I think it might be C) International Financial Reporting Interpretations Committee (IFRIC). They also play a role in interpreting and applying the standards.

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Sue

9 days ago

I agree with Anglea. The IASB is responsible for setting the standards to ensure consistency in financial reporting.

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Anglea

10 days ago

I think the answer is B) International Accounting Standards Board (IASB). They are the ones who set the standards.

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Gerardo

11 days ago

I'm not sure, but I think it might be C) International Financial Reporting Interpretations Committee (IFRIC). They also play a role in interpreting and applying the standards.

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Sang

20 days ago

I agree with Alonzo. The IASB is responsible for setting the standards to ensure consistency in financial reporting.

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Alonzo

24 days ago

I think the answer is B) International Accounting Standards Board (IASB). They are the ones who set the standards.

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