Which of the following is not true for the International Accounting Standards Board (IASB)?
A) The IASB is an independent standard-setting board that is publicly accountable to a monitoring board of capital market authorities.
B) The IASB receives funding from the private sector, including mandatory levies on listed and non-listed entities in countries that utilise its standards.
C) The IASB has strong enforcement powers to ensure that entities that have adopted its standards are in full compliance.
D) From 2005, the European Union adopted IFRSs for listed companies preparing consolidated financial reports.

Question

Quizplus · Accepted Answer

The IASB does not have strong enforcement powers to ensure compliance with its standards. The responsibility for enforcing compliance lies with individual jurisdictions and other bodies such as stock exchanges and securities regulators.

Which of the Following Is Not True for the International