Which statement is true about the IASB?

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Multiple Choice

Which statement is true about the IASB?

The key point is that the IASB is the international standard-setter responsible for developing IFRS, and it operates under the umbrella of the IFRS Foundation. IFRS are the global accounting standards used in many jurisdictions, and the IASB is the body that creates and issues those standards. It is based in London, United Kingdom, not New York. It does not set national GAAPs like Philippine GAAP, and it is not the same entity as the IFRS Foundation, which provides governance and oversight. Because of this arrangement, the statement that the IASB has sole responsibility for setting IFRS and is based in London is the accurate one.

The key point is that the IASB is the international standard-setter responsible for developing IFRS, and it operates under the umbrella of the IFRS Foundation. IFRS are the global accounting standards used in many jurisdictions, and the IASB is the body that creates and issues those standards. It is based in London, United Kingdom, not New York. It does not set national GAAPs like Philippine GAAP, and it is not the same entity as the IFRS Foundation, which provides governance and oversight. Because of this arrangement, the statement that the IASB has sole responsibility for setting IFRS and is based in London is the accurate one.

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