International Accounting Standards Board

The IASB (International Accounting Standards Board) in London is an independent standard-setting board, appointed and overseen by a geographically and professionally diverse group of Trustees of the International Accounting Standards Committee (IASC) Foundation who are accountable to the public interest (12/17/09
IASB co-operates with national accounting board to set standards to harmonize accounting standard around the world. Thus the primary objective of the Board to bring in practice the best accounting and auditing policies to manage the financial of the world at large. The IAS Board comprises 15 members from nine different countries appointed by the Trustees of IASC Foundation. The members are appointed as per guidelines detailed in IASC Foundation Constitution.

IASC Foundation is committed to develop, in the public interest and through its standard-setting body, the International Accounting Standards Board (IASB), a single set of high quality, international financial reporting standards for general purpose financial statements. The governance of the IASC Foundation rests with 22 Trustees who are individuals with senior executive experience from diverse geographical and professional backgrounds, in both the private and public sectors domain. IASC works as an independent not-for-profit organization.

IFRSs are developed through an international consultation process. This Due Process brings together interested individuals and organizations from around the world. The due process comprises six stages, with the Trustees having the opportunity to ensure compliance at various points throughout:

1. Setting the Agenda - To set an agenda the staffs are asked to identify, review and raise issues that requires IASB attention.

2. Planning the project - Once agenda is set ISAB decide whether to undertake the project alone or involve another standard setter/s from around the world. A technical team is also appointed &...