Worldatwork Exam T7 Topic 2 Question 74 Discussion

Actual exam question for Worldatwork's T7 exam

Question #: 74
Topic #: 2

[All T7 Questions]

Which statement below most accurately describes a primary purpose of the Standards Advisory Council (SAC)?

AInforms International Accounting Standards Board (IASB) of implications of proposed standards

BAppoints International Accounting Standards Board (IASB) members

CApproves principles-based standards but does not issue detailed application guidelines

DHas the sole responsibility for setting standards

Show Suggested Answer

Suggested Answer: A

by Andra at Sep 01, 2023, 08:48 AM

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Jerilyn

1 months ago

I'm pretty sure the IASB is the one that actually issues the detailed accounting standards, not the SAC. So Option C can't be right either.

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Teri

5 days ago

C) Approves principles-based standards but does not issue detailed application guidelines

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Cecily

10 days ago

B) Appoints International Accounting Standards Board (IASB) members

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Queen

17 days ago

A) Informs International Accounting Standards Board (IASB) of implications of proposed standards

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Herminia

1 months ago

Haha, I wish the SAC had the power to set standards! That would make my life as an accountant a lot easier. But alas, Option D is not correct.

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Hannah

2 months ago

I agree with Clay. The SAC is an advisory body, not the standard-setting authority. Option A best describes their primary purpose.

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Emilio

14 days ago

Option A is the most accurate description of the primary purpose of the SAC.

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Emilio

21 days ago

Yes, the SAC is an advisory body and does not have the sole responsibility for setting standards.

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Emilio

1 months ago

I agree, the SAC informs the IASB of implications of proposed standards.

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Clay

2 months ago

Option A seems the most accurate to me. The SAC's role is to provide input to the IASB on the implications of their proposed standards, not to appoint members or set standards themselves.

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Cheryll

5 days ago

It's important for the SAC to inform the IASB about how their standards may affect different stakeholders.

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Claribel

16 days ago

Yeah, the SAC doesn't appoint members or set standards. They just give feedback to the IASB.

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Phillip

1 months ago

I agree, option A makes the most sense. The SAC helps the IASB understand the impact of their proposed standards.

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Ben

2 months ago

I believe SAC also plays a role in approving principles-based standards without issuing detailed application guidelines.

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Adell

2 months ago

I agree with Yuonne. It's important for SAC to provide feedback to IASB on how new standards may impact the industry.

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Yuonne

3 months ago

I think the primary purpose of SAC is to inform IASB of implications of proposed standards.

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