IASC stands for which organization?

IASC stands for which organization?

• A. World Accounting Standards Committee
• B. International Accounting Standards Conference
• C. International Audit Standards Committee
• D. International Accounting Standards Committee

Answer: (D)

The key idea here is identifying the exact organization behind the acronym. IASC stands for International Accounting Standards Committee. This body was formed by major accounting groups to develop and issue international accounting standards (IAS). Over time it evolved into the International Accounting Standards Board (IASB), and today standards are issued under IFRS, but the historical name behind the acronym is International Accounting Standards Committee. The other options differ in wording (World vs International, Conference or Audit vs Committee, etc.), so they don’t reflect the official title.

The key idea here is identifying the exact organization behind the acronym. IASC stands for International Accounting Standards Committee. This body was formed by major accounting groups to develop and issue international accounting standards (IAS). Over time it evolved into the International Accounting Standards Board (IASB), and today standards are issued under IFRS, but the historical name behind the acronym is International Accounting Standards Committee. The other options differ in wording (World vs International, Conference or Audit vs Committee, etc.), so they don’t reflect the official title.