International Accounting Standards Board (IASB)

The International Accounting Standards Board (IASB) is an independent standard-setting body within the IFRS Foundation, established in 2001. Its primary responsibility is to develop and issue International Financial Reporting Standards (IFRS), which serve as a global framework for financial reporting. The IASB comprises experts with diverse practical experience in accounting standards development, financial reporting, auditing, and accounting education.

Key aspects of the IASB include:

• Global Reach: IFRS Standards developed by the IASB are used in more than 140 jurisdictions, making them a de facto global accounting language.
• Due Process: The IASB follows a rigorous and transparent due process in developing standards, which includes public consultations and consideration of stakeholder feedback.
• Commitment to Transparency: By promoting the use of IFRS Standards, the IASB aims to enhance the transparency and comparability of financial information across international boundaries.

By establishing high-quality accounting standards, the IASB enhances the comparability and reliability of financial statements globally, facilitating better economic decision-making and fostering international investment.

Source(s):

• International Accounting Standards Board. (n.d.). IFRS.
• IFRS Foundation. (n.d.). Why global accounting standards?
• Investopedia. (n.d.). What Are International Financial Reporting Standards (IFRS)?

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