Question

The equivalent to the FASB's Financial Accounting Standards Advisory Council (FASAC) for the IASB is:

a) International Financial Reporting Interpretations Committee (IFRIC)
b) International Organization of Securities Commissions (IOSCO)
c) International Financial Accounting Advisory Council
d) Standards Advisory Council (SAC)

Answer 1

The equivalent of FASB's FASAC for the IASB was the Standards Advisory Council (SAC), which has been replaced by the Accounting Standards Advisory Forum (ASAF) since March 2013.

Step-by-step explanation:

The equivalent to the Financial Accounting Standards Board's (FASB) Financial Accounting Standards Advisory Council (FASAC) for the International Accounting Standards Board (IASB) is the Standards Advisory Council (SAC). Just like the FASAC advises the FASB on matters related to board projects and financial reporting issues, the SAC's role was to support the IASB by providing a forum where the IASB could consult with representatives from a wide range of sectors and geographical areas.

However, it's important to note that the IASB restructured its advisory groups, and the SAC has been replaced by the Accounting Standards Advisory Forum (ASAF) as of March 2013. The ASAF was established to improve cooperation among worldwide standard setters and advise IASB on technical matters.