Regulatory Environment

Question 1

What are the four regulatory bodies?

Answer 1

IFRS Foundation (22 Trustees)
IFRS Advisory Council
International Accounting Standards Board
IFRS Interpretations Committee

Question 2

What is the role of the IFRS Foundation?

Answer 2

Appoint members of IFRS Interpretations Committee
Appoint members of International Accounting Standards Board
Receive reports from IASB
Receive advice from IFRS Advisory Council

Question 3

What are the roles and objectives of the Advisory Council?

Answer 3

It is the way the IASB consults with the outside world.

Gives advice to IASB on agenda decisions and priorities.
Inform the IASB of the views of organisations and individuals on major standard-setting projects.
Gives other advice to the Board or Trustees

Question 4

What are the roles and objectives of the IFRS Interpretations Committee?

Answer 4

Provides guidance on specific practical issues in the interpretation of IFRS.

To review financial reporting issues not addressed in IFRSs.
Clarify issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop.