International Accounting Standards Board - Explained
What is the International Accounting Standards Board?
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Table of ContentsWhat is the International Accounting Standards Board (IASB)?What Does the IASB Do? Foundation Members Academic Research on the International Accounting Standards Board (IASB)
What is the International Accounting Standards Board (IASB)?
The International Accounting Standards Board is the regulatory body of the IFRS Foundation.
What Does the IASB Do?
The IASB established on the 1st of April 2001, develops and promotes the use of the International Financial Reporting Standards (IFRS). It was formerly known as the International Accounting Standards Committee (IASC).
The International Accounting Standards Foundation (IASF) was established in Delaware on December 1920 while the International Financial Reporting Standards Foundation was established as an independent, not-for-profit organization on February 2000. The development of a single set of high quality and globally accepted IFRS based upon clearly articulated principles is its aim. The IASB serves as the independent standard setting body of the IFRS foundation and develops the IFRS. As a result of restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future, the IASB took over accounting standard setting responsibilities from its predecessor, the IASC on 1st March 2000.The structure of the IFRS Foundation is such that it reports to the monitoring board of capital market authorities while its trustees oversee the IASB with the responsibility of governing the organization, funding and selecting its members.
The 13 members of the IASB were expanded to 16 on January 2009 in order to give consideration to its geographical composition. They are a select group of experts with a mix of experience and have one vote each. It is not compulsory for them to have a unanimous vote as only nine votes are required to approve the publication of a standard, exposure draft or the final IFRIC interpretation.