The correct answers are:

• It develops and ultimately issues International Financial Reporting Standards.

• The IASB has adopted the standards issued by its predecessor the IASC.

The International Accounting Standards Board is responsible for developing and ultimately issuing International Financial Reporting Standards (previously called International Accounting Standards).

The IASB issues standards itself on its own authority. Agreement by eight of the twelve members of the Board is required to produce a standard, not complete consensus.

The IASB came into existence in 2001. It agreed to adopt all standards issued by its predecessor, the IASC, although it is currently making changes to many of them.