How does the International Federation of Accountants (IFAC) differ from the International Accounting Standards Board (IASB)?

Question

Quizplus · Accepted Answer

The IFAC is more concerned with encouraging the harmonization of accounting principles than with standard setting. The IASB, on the other hand, is responsible for developing and promoting international financial reporting standards. Adherence to both IFAC and IASB standards is voluntary. The IFAC is not dominated by the European Community, as it represents accountants and accounting organizations from around the world.

How Does the International Federation of Accountants (IFAC) Differ from the International