Acca financial Accounting (FA) Study Text ac ca (FA)

International Accounting Standards Board (the Board) 

The Board is the independent standard setting body of the Foundation. Its 

members are responsible for the development and publication of IFRS 

Standards and interpretations developed by the Interpretations Committee 

(IFRIC® Interpretations). Upon its creation the Board also adopted all existing 

International Accounting Standards (IAS

®

 Standards). 

 

 

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Chapter 2 

KAPLAN PUBLISHING

 

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All of the most important national standard setters are represented on the Board 

and their views are taken into account so that a consensus can be reached. All 

national standard setters can issue discussion papers and exposure drafts 

issued by the Board for comment in their own countries, so that the views of all 

preparers and users of financial statements can be represented. Each major 

national standard setter ‘leads’ certain international standard-setting projects.