International Accounting Standards Board (IASB)
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body. It develops International Financial Reporting Standards (IFRS) to ensure consistent and understandable financial statements.
The IASB aims to develop high-quality, globally accepted accounting standards to promote consistency and comparability in financial reporting worldwide. This enables stakeholders to make informed decisions based on accurate information. Members should have outstanding accounting education, experience in formulating standards, and auditing background.
Accounting Standards History
The International Accounting Standards Board (IASB) was founded on April 1, 2001. It is the successor to the International Accounting Standards Committee (IASC) and has a main objective to provide guidance on preparing financial statements. Additionally, one member should have broad geographical diversity.