What accounting standard body sets International Financial Reporting Standards (IFRS) applicable worldwide?
AFinancial Accounting Standards Board (FASB)
BInternational Auditing and Assurance Standards Board (IAASB)
CSecurities and Exchange Commission (SEC)
DInternational Accounting Standards Board (IASB)
Explanation
* The International Accounting Standards Board (IASB) is an independent standard-setting body based in London that issues IFRS.
* FASB sets US GAAP standards.
* Over 140 jurisdictions globally mandate or permit IFRS for public companies.
Exam Relevance
- Topic: Financial Accounting
- Subtopic: Standard Setting Bodies
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