Which Is Not a Step of Developing IFRS in the Process

question 12

Multiple Choice

Which is not a step of developing IFRS in the process?

• A)The IASB and staff set an agenda of possible issues to be addressed by IFRS.
• B)A discussion paper DP)is prepared only for IASC committee review.
• C)After considering all comments and additional proposals to its DP,the board may issue an exposure draft ED)
• D)IASB may publish a final IFRS to be considered for adoption in the various jurisdictions

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Definitions:

Wage Rate

The amount of compensation paid to an employee per unit of time (e.g., hour, day, week) for their labor.

Direct Materials Quantity Variance

This measures the difference between the actual quantity of materials used in production and the standard amount expected to be used.

Standard Costs

Pre-determined or estimated costs for products or services used for budgeting and performance evaluation purposes.

Actual Costs

The genuine costs incurred in the production or acquisition of goods and services.