Sustainability Accounting Standards Board (SASB) Level 1 Practice Test

What is the IASB's relationship to IFRS?

It is an independent standard-setting organization with governance and due process for IFRS Standards. It is a regulatory body within the US. It is a private auditing firm. It is a branch of the IMF.

Correct Answer:

It is an independent standard-setting organization with governance and due process for IFRS Standards.

Explanation:

The IASB is an independent standard-setting body that develops and approves IFRS Standards. It operates under the IFRS Foundation, which provides governance, funding, and the due process framework—ensuring transparency and broad public input through public consultations and exposure drafts. It is not a regulatory body within the US, a private auditing firm, or a branch of the IMF; enforcement and adoption of IFRS are handled by national regulators and local standard-setters in each jurisdiction.

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