Which of the following statements about the global standard-setting structure is false?
A) The IFRS Interpretations Committee is similar to the EITF in the U.S.
B) The Monitoring Board was formed to enhance public accountability of the IFRS Foundation.
C) The IASB oversees the IFRS Advisory Council which advises the Monitoring Board.
D) The IFRS Foundation oversees the IASB and finances IASB operations.

Question

Quizplus · Accepted Answer

The IASB does not oversee the IFRS Advisory Council; rather, the IFRS Foundation oversees both the IASB and the IFRS Advisory Council. The IFRS Advisory Council advises the IASB, not the Monitoring Board.

Which of the Following Statements About the Global Standard-Setting Structure