What is IFRS and who oversees it?

What is IFRS and who oversees it?

• A. The Financial Accounting Standards Board oversees IFRS.
• B. The International Accounting Standards Board oversees the development of IFRS Standards.
• C. The American Institute of CPAs oversees IFRS.
• D. The Securities and Exchange Commission oversees IFRS.

Answer: (B)

IFRS stands for International Financial Reporting Standards, a globally adopted set of rules for preparing and presenting financial statements to improve comparability and transparency across countries. The standards are developed and maintained by the International Accounting Standards Board (IASB), which operates under the governance of the IFRS Foundation. While other organizations like the FASB, AICPA, or the SEC influence accounting practice in their own jurisdictions, they do not oversee IFRS development—the IASB does.

IFRS stands for International Financial Reporting Standards, a globally adopted set of rules for preparing and presenting financial statements to improve comparability and transparency across countries. The standards are developed and maintained by the International Accounting Standards Board (IASB), which operates under the governance of the IFRS Foundation. While other organizations like the FASB, AICPA, or the SEC influence accounting practice in their own jurisdictions, they do not oversee IFRS development—the IASB does.