The IASB's responsibilities include:
A)developing accounting standards that comply with company legislation.
B)setting ethical guidelines for the accounting profession.
C)formulating standards to be used by the entities in the public sector.
D)developing accounting standards that are consistent with the Conceptual Framework .

Question

Quizplus · Accepted Answer

The IASB's main responsibility is to develop and maintain International Financial Reporting Standards (IFRSs) that are consistent with the Conceptual Framework. The IASB does not have responsibility for company legislation or ethical guidelines for the accounting profession, and its standards are not specifically for use by entities in the public sector.

The IASB's Responsibilities Include