Thoughts on Harmonization of Accounting Standards

Topics: International Financial Reporting Standards, International Accounting Standards Board, Financial Accounting Standards Board Pages: 2 (290 words) Published: February 14, 2011
International Accounting Standards Board - Wikipedia, the free encyclopedia

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International Accounting Standards Board
From Wikipedia, the free encyclopedia

The International Accounting Standards Board (IASB) is an independent, privately-funded accounting standard-setter based in London, England. The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued after 2001), and promoting the use and application of these standards.

■ 1 Foundation of the IASB ■ 2 IASB Members ■ 2.1 IASB Chairmen ■ ■ ■ ■ ■ 3 IASB Due Process 4 Funding 5 References 6 See also 7 External links

Foundation of the IASB
In April 2001, the International Accounting Standards Committee Foundation (IASCF), since renamed as the IFRS Foundation, was formed as a not-for-profit corporation incorporated in the US state of Delaware. The IFRS Foundation is the parent entity of the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, England.[1] On 1 March 2001, the IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future. The IASB structure has the following main features: the IFRS Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as a IFRS Advisory Council and the IFRS Interpretations Committee (formerly the IFRIC). The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has responsibility for setting International Financial Reporting Standards (international accounting standards)....
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