Question

Indicate the organization related to IFRS that performs each of the following functions

1)Obtains funding for the IFRS standard setting proces
2) Determines IFRS
3)Encourages cooperation among securities regulators to promote effective and
efficient capital markets
4) Provides input about the standard setting agenda
5) Provides implementation guidance about relatively narrow emerging issues

Answer 1

The IFRS Foundation funds the standard-setting process, the IASB determines the standards, IOSCO fosters global securities regulatory cooperation, stakeholders contribute to the agenda setting, and the IFRS Interpretations Committee guides on specific emerging issues.

Step-by-step explanation:

The organization related to International Financial Reporting Standards (IFRS) and its functions are as follows:

1. The IFRS Foundation is responsible for obtaining funding for the IFRS standard-setting process.
2. The International Accounting Standards Board (IASB) determines the IFRS standards.
3. The International Organization of Securities Commissions (IOSCO) encourages cooperation among securities regulators to promote effective and efficient capital markets.
4. Various stakeholders, including investors, auditors, and academics, provide input about the standard-setting agenda through public consultations and working groups.
5. When it comes to providing implementation guidance about relatively narrow emerging issues, the IFRS Interpretations Committee assists in this regard.