Which body reviews,on a timely basis within the context of existing International Accounting Standard (IASB)and the IASB Framework,accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance?
A) International Accounting Standards Board (IASB).
B) International Financial Reporting Interpretations Committee (IFRIC).
C) International Interpretations and Issues Group (IIIG).
D) Urgent Issues Group (UIG).

Question

Quizplus · Accepted Answer

The International Financial Reporting Interpretations Committee (IFRIC) reviews accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance. It operates within the context of existing International Accounting Standards (IAS) and the IASB Framework. The other options listed (IASB, IIIG, and UIG) are not responsible for reviewing accounting issues for divergent or unacceptable treatment.

Which Body Reviews,on a Timely Basis Within the Context of Existing