Question 3:
The body that is responsible for setting International Financial Reporting Standards (IFRS) is
A. International Accounting Standards Committee (IASC)
B. International Accounting Standards Board (IASB)
C. Financial Reporting Council of Nigeria (FRCN)
D. Institute of Chartered Accountants of Nigeria (ICAN)
E. American Institute of Public Certified Accountants (AICPA)
The correct answer is (B)
Hint:
The keywords in this question is straightforward...body that sets IFRS.
Past Question and Answer Review:
The International Accounting Standards Committee or IASC was an independent private-sector organization. The IASC aimed to achieve uniform accounting principles which businesses and organizations make use of for the purpose of financial reporting globally.
The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs). The IASB operates under the oversight of the IFRS Foundation. The IASB was formed in 2001 to replace the International Accounting Standards Committee (IASC).
The Financial Reporting Council of Nigeria, formerly the Nigerian Accounting Standards Board, is an organization charged with setting accounting standards in Nigeria
The Institute of Chartered Accountants of Nigeria (ICAN) was established by the Act of Parliament No.15 of 1965 to regulate the practice of Accountancy Profession in Nigeria and to set standards to be attained by persons seeking to be members of the profession.
The American Institute of Certified Public Accountants (AICPA) is a non-profit professional organization representing certified public accountants (CPA) in the United States.
So the correct answer is (B).
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