CIMA Exam CIMAPRA19-F01-1 Topic 5 Question 93 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam

Question #: 93
Topic #: 5

Which of the following is the responsibility of the International Financial Reporting Standards Interpretations Committee?

AThe development and publication of new international financial reporting standards.

BTo provide a forum for interested parties to participate in the formulation of international financial reporting standards.

CTo provide authoritative guidance on the application of international financial reporting standards where conflicting practice has developed.

DTo advise the International Accounting Standards Board on the agenda and priorities for future work.

Show Suggested Answer

Suggested Answer: A

by Scarlet at Jul 16, 2024, 07:33 AM

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Tracey

1 months ago

Rumor has it the Interpretations Committee has a dartboard with all the wrong answers. They just throw darts to decide which one to publish next.

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Kenia

1 months ago

C is the way to go! Gotta love those interpretations that clear up the conflicting practices. Keeps the accountants on their toes!

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Jerlene

16 days ago

It's great that the committee provides authoritative guidance to address conflicting practices.

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Veronika

20 days ago

I agree, C is definitely important for maintaining consistency in financial reporting.

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Malcolm

2 months ago

I'm going with B. Providing a forum for interested parties to participate in the standard-setting process seems important.

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Domingo

17 days ago

User 3: Definitely, it's crucial to consider different perspectives in the standard-setting process.

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Mica

20 days ago

User 2: I agree, having a forum for participation can help ensure the standards are relevant and practical.

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Sabrina

1 months ago

User 1: I think B is a good choice. It's important to have input from interested parties.

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Stevie

2 months ago

Hmm, I think D is the correct answer. Advising the IASB on priorities sounds like a key part of the Interpretations Committee's role.

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Verda

24 days ago

It's true, both D and C are crucial responsibilities of the Interpretations Committee.

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Penney

1 months ago

I think C is also important. Providing guidance on conflicting practices can help ensure consistency.

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Brandon

1 months ago

I agree, D seems like the right choice. Prioritizing future work is important.

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Susana

2 months ago

This seems like a tricky one. My guess is C, but I'm not entirely sure. Time to review the IFRS Interpretations Committee's responsibilities again.

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Dyan

1 months ago

I believe it's D) To advise the International Accounting Standards Board on the agenda and priorities for future work.

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Dahlia

2 months ago

I think it's A) The development and publication of new international financial reporting standards.

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Laine

2 months ago

I believe they also advise the IASB on future work priorities. So, option D is also part of their responsibilities.

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Amie

2 months ago

I agree with Julieta. The committee's role is crucial in ensuring consistent application of the standards globally.

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I think the responsibility of the IFRS Interpretations Committee is to provide authoritative guidance on the application of international financial reporting standards where conflicting practice has developed.

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