Which Body Reviews,on a Timely Basis Within the Context of Existing

question 3

Multiple Choice

Which body reviews,on a timely basis within the context of existing International Accounting Standard and the IASB Framework,accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance?

• A) International Accounting Standards Board (IASB).
• B) International Financial Reporting Interpretations Committee (IFRIC).
• C) International Interpretations and Issues Group (IIIG).
• D) Urgent Issues Group (UIG).
• E) Australian Accounting Standards Board (AASB).

---

Definitions:

Future Interest

A legal right to property or an estate that becomes possessible or enjoyable at a future date.

Third Party

An entity not directly involved in a contract or agreement but who may be affected by its outcomes or can affect its execution.

Remainder

The part of an estate that is left after all other bequests and debts have been satisfied.

Fee Simple

The most comprehensive ownership interest in real property, allowing the owner nearly unlimited control over the land.