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Question 2. Which body of the IFRS Foundation provides a link between the Foundation and public...

Question 2. Which body of the IFRS Foundation provides a link between the Foundation and public authorities and also approves the appointment of IFRS Foundation Trustees?

The IFRS Interpretations Committee

The Monitoring Board

The International Accounting Standards Board

The IFRS Advisory Council

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Answer #1

Ans: The monitoring Board

  • The IFRS foundation is a not for profit organization set up as an independent organization.
  • The structure of IFRS foundation consists of trustees, monitoring Board, advisory council, and other operational support staff.
  • The monitoring board acts as a link between IFRS foundation trustees & public authorities, which helps in enhancing the public accountability of IFRS foundation.
  • Also, the appointment of foundation trustees is the responsibility and duty of monitoring board. Ultimately the trustees are reportable to the monitoring board on the recommendations of advisory council.
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