Statement I IFRS are issued by International Accounting Standard Board (IASB). Statement II IFRS-16, i.e.’leases’ applies to annual reporting periods beginning on or after 1st January, 2019.

The correct answer is C. Both statements are true.

IFRS stands for International Financial Reporting Standards. They are a set of accounting standards that are used by companies all over the world to prepare their financial statements. The IFRS are issued by the International Accounting Standards Board (IASB), which is an independent, non-profit organization that is based in London, England.

IFRS-16, i.e. ‘leases’, is an IFRS that was issued in 2016. It applies to annual reporting periods beginning on or after 1st January, 2019. The standard aims to improve the financial reporting of leases by requiring companies to recognize leases on their balance sheets.

Statement I is true because IFRS are issued by the IASB. Statement II is true because IFRS-16 applies to annual reporting periods beginning on or after 1st January, 2019. Therefore, both statements are true.