COMPREHENSIVE EXAMINATION: THE IASB AND ITS
CONCEPTUAL FRAMEWORK
Based on Applying IFRS Standards 4th Edition
Year: 2026
SECTION 1: IASB STRUCTURE AND GOVERNANCE (Questions 1-20)
Question 1
What is the primary role of the International Accounting Standards Board (IASB)?
A. To enforce compliance with IFRS Standards globally
B. To develop and issue IFRS Accounting Standards
C. To audit financial statements of multinational corporations
D. To provide accounting education and training
ANSWER: B
Rationale:
Option A is incorrect because the IASB does not have enforcement powers; enforcement is the
responsibility of national regulatory bodies and securities commissions
Option B is correct because the IASB's primary role is to develop and issue IFRS Accounting Standards
through its due process
www.ifrs.org
Option C is incorrect because auditing is performed by external auditors, not the IASB
Option D is incorrect because while the IASB provides educational materials, its primary role is standard-
setting, not education delivery
Question 2
Who is responsible for overseeing that the IASB follows proper due process?
,A. The IFRS Interpretations Committee
B. The Accounting Standards Advisory Forum (ASAF)
C. The Due Process Oversight Committee (DPOC)
D. The Capital Markets Advisory Committee (CMAC)
ANSWER: C
Rationale:
Option A is incorrect because the IFRS Interpretations Committee focuses on providing guidance on
implementation issues, not oversight of due process
Option B is incorrect because ASAF provides advice on technical matters but does not oversee due
process
Option C is correct because the Trustees carry out their responsibility for ensuring due process
compliance via the Due Process Oversight Committee (DPOC)
www.scribd.com
Option D is incorrect because CMAC provides advice from a capital markets perspective but has no
oversight role
Question 3
How frequently does the IASB conduct comprehensive agenda consultations to define standard-setting
priorities?
A. Every two years
B. Every three years
C. Every five years
D. Every ten years
ANSWER: C
Rationale:
Option A is incorrect because two years is too frequent for comprehensive agenda setting
Option B is incorrect because three years is not the established cycle
Option C is correct because every five years, the IASB conducts a comprehensive review and
consultation to define international standard-setting priorities and develop its project work plan
www.scribd.com
Option D is incorrect because ten years would be too infrequent to respond to emerging issues
Question 4
,Which body within the IFRS Foundation is responsible for governance of the IASB?
A. The Monitoring Board
B. The Trustees of the IFRS Foundation
C. The IFRS Advisory Council
D. The Due Process Handbook Committee
ANSWER: B
Rationale:
Option A is incorrect because the Monitoring Board oversees the Trustees, not the IASB directly
Option B is correct because the Trustees are responsible for the governance of the IFRS Foundation and
ensuring the IASB follows due process
www.scribd.com
Option C is incorrect because the IFRS Advisory Council provides strategic advice but has no governance
authority
Option D is incorrect because this committee does not exist as a governance body
Question 5
What is the typical duration of IASB meetings?
A. One to two days
B. Three to five days
C. One week
D. Two weeks
ANSWER: B
Rationale:
Option A is incorrect because IASB meetings require more time to properly deliberate technical matters
Option B is correct because IASB meetings are normally held every month and last between three and
five days
Option C is incorrect because while some special meetings might last a week, the typical duration is
three to five days
Option D is incorrect because two weeks would be excessively long for regular monthly meetings
Question 6
Who has full discretion over the IASB's technical agenda?
, A. The IFRS Foundation Trustees
B. The IASB itself
C. The Monitoring Board
D. National standard-setters
ANSWER: B
Rationale:
Option A is incorrect because while Trustees oversee governance, they do not set the technical agenda
Option B is correct because the IASB has full discretion over its technical agenda and over the
assignment of projects, potentially to national standard-setters
Option C is incorrect because the Monitoring Board has oversight of the Trustees, not technical agenda-
setting
Option D is incorrect because while national standard-setters may be assigned projects, they do not
control the IASB's agenda
Question 7
Are IASB meetings open to the public?
A. No, they are completely confidential
B. Yes, but only for accredited journalists
C. Yes, they are open to the public
D. Only selected stakeholders can attend
ANSWER: C
Rationale:
Option A is incorrect because transparency is a fundamental principle of the IASB's due process
Option B is incorrect because access is not limited to journalists
Option C is correct because the meetings are open to the public, and interested parties can attend in
person or view via webcast
Option D is incorrect because there are no restrictions on who can observe the meetings
Question 8
What publication summarizes IASB meeting decisions?
A. IFRS Update
B. IASB Update
CONCEPTUAL FRAMEWORK
Based on Applying IFRS Standards 4th Edition
Year: 2026
SECTION 1: IASB STRUCTURE AND GOVERNANCE (Questions 1-20)
Question 1
What is the primary role of the International Accounting Standards Board (IASB)?
A. To enforce compliance with IFRS Standards globally
B. To develop and issue IFRS Accounting Standards
C. To audit financial statements of multinational corporations
D. To provide accounting education and training
ANSWER: B
Rationale:
Option A is incorrect because the IASB does not have enforcement powers; enforcement is the
responsibility of national regulatory bodies and securities commissions
Option B is correct because the IASB's primary role is to develop and issue IFRS Accounting Standards
through its due process
www.ifrs.org
Option C is incorrect because auditing is performed by external auditors, not the IASB
Option D is incorrect because while the IASB provides educational materials, its primary role is standard-
setting, not education delivery
Question 2
Who is responsible for overseeing that the IASB follows proper due process?
,A. The IFRS Interpretations Committee
B. The Accounting Standards Advisory Forum (ASAF)
C. The Due Process Oversight Committee (DPOC)
D. The Capital Markets Advisory Committee (CMAC)
ANSWER: C
Rationale:
Option A is incorrect because the IFRS Interpretations Committee focuses on providing guidance on
implementation issues, not oversight of due process
Option B is incorrect because ASAF provides advice on technical matters but does not oversee due
process
Option C is correct because the Trustees carry out their responsibility for ensuring due process
compliance via the Due Process Oversight Committee (DPOC)
www.scribd.com
Option D is incorrect because CMAC provides advice from a capital markets perspective but has no
oversight role
Question 3
How frequently does the IASB conduct comprehensive agenda consultations to define standard-setting
priorities?
A. Every two years
B. Every three years
C. Every five years
D. Every ten years
ANSWER: C
Rationale:
Option A is incorrect because two years is too frequent for comprehensive agenda setting
Option B is incorrect because three years is not the established cycle
Option C is correct because every five years, the IASB conducts a comprehensive review and
consultation to define international standard-setting priorities and develop its project work plan
www.scribd.com
Option D is incorrect because ten years would be too infrequent to respond to emerging issues
Question 4
,Which body within the IFRS Foundation is responsible for governance of the IASB?
A. The Monitoring Board
B. The Trustees of the IFRS Foundation
C. The IFRS Advisory Council
D. The Due Process Handbook Committee
ANSWER: B
Rationale:
Option A is incorrect because the Monitoring Board oversees the Trustees, not the IASB directly
Option B is correct because the Trustees are responsible for the governance of the IFRS Foundation and
ensuring the IASB follows due process
www.scribd.com
Option C is incorrect because the IFRS Advisory Council provides strategic advice but has no governance
authority
Option D is incorrect because this committee does not exist as a governance body
Question 5
What is the typical duration of IASB meetings?
A. One to two days
B. Three to five days
C. One week
D. Two weeks
ANSWER: B
Rationale:
Option A is incorrect because IASB meetings require more time to properly deliberate technical matters
Option B is correct because IASB meetings are normally held every month and last between three and
five days
Option C is incorrect because while some special meetings might last a week, the typical duration is
three to five days
Option D is incorrect because two weeks would be excessively long for regular monthly meetings
Question 6
Who has full discretion over the IASB's technical agenda?
, A. The IFRS Foundation Trustees
B. The IASB itself
C. The Monitoring Board
D. National standard-setters
ANSWER: B
Rationale:
Option A is incorrect because while Trustees oversee governance, they do not set the technical agenda
Option B is correct because the IASB has full discretion over its technical agenda and over the
assignment of projects, potentially to national standard-setters
Option C is incorrect because the Monitoring Board has oversight of the Trustees, not technical agenda-
setting
Option D is incorrect because while national standard-setters may be assigned projects, they do not
control the IASB's agenda
Question 7
Are IASB meetings open to the public?
A. No, they are completely confidential
B. Yes, but only for accredited journalists
C. Yes, they are open to the public
D. Only selected stakeholders can attend
ANSWER: C
Rationale:
Option A is incorrect because transparency is a fundamental principle of the IASB's due process
Option B is incorrect because access is not limited to journalists
Option C is correct because the meetings are open to the public, and interested parties can attend in
person or view via webcast
Option D is incorrect because there are no restrictions on who can observe the meetings
Question 8
What publication summarizes IASB meeting decisions?
A. IFRS Update
B. IASB Update
