Which body sets IFRS?

Which body sets IFRS?

• A. The Public Company Accounting Oversight Board.
• B. The International Monetary Fund.
• C. The World Bank.
• D. The International Accounting Standards Board.

Answer: (D)

The body that sets IFRS is the International Accounting Standards Board, which develops and issues International Financial Reporting Standards under the oversight of the IFRS Foundation. This organization is responsible for creating the rules that guide international financial reporting and ensuring they are updated and globally harmonized. The Public Company Accounting Oversight Board establishes auditing standards in the United States, not IFRS. The IMF and the World Bank are international institutions that provide financial resources and policy guidance rather than setting accounting standards. IFRS are designed to be adopted by many countries to improve comparability of financial statements, with the IASB as the official standard-setter.

The body that sets IFRS is the International Accounting Standards Board, which develops and issues International Financial Reporting Standards under the oversight of the IFRS Foundation. This organization is responsible for creating the rules that guide international financial reporting and ensuring they are updated and globally harmonized.

The Public Company Accounting Oversight Board establishes auditing standards in the United States, not IFRS. The IMF and the World Bank are international institutions that provide financial resources and policy guidance rather than setting accounting standards. IFRS are designed to be adopted by many countries to improve comparability of financial statements, with the IASB as the official standard-setter.