Question

(Adapted from Lam, Nelson & Lau, Peter (2017). 3 rd Edition. Intermediate Financial Reporting. Hong Kong: McGraw-Hill) The International Financial Reporting Standards (IFRSs) refers to IFRSs, IASs and Interpretations, and they are issued by different bodies. Explain the differences between IFRSs, IASs and Interpretations and whether there is any implication of their being issued by different bodies.