INTERNATIONAL ACCOUNTING STANDARDS BOARD

The International Accounting Standards Board (IASB), formerly the IASC, is an independent private-sector standard-setting body founded in 1973 by skilled accounting organizations in nine countries and restructured in 2001. (The restructuring made IASC into an umbrella organization under which the IASB carries out its operate.)9 Prior to the restructuring, the IASC issued 41 International Accounting Standards (IAS) along with a Framework for the Preparation and Presentation of Monetary Statements. The IASB’s objectives are:

1. To develop, within the public interest, a single set of high-quality, understandable, and enforceable international accounting standards that call for high-quality, transparent, and comparable data in financial statements and also other monetary reporting to help participants within the world’s capital markets along with other users make economic decisions.
2. To promote the use and rigorous application of those standards.
3. In fulfilling the objectives linked with (1) and (2), to take account of, as appropriate, the specific desires of small and medium-sized entities and emerging economies.
4. To bring about convergence of national accounting standards, and International Accounting Standards and International Financial Reporting Standards to highquality solutions.
   
   The IASB represents accounting organizations from each element with the globe.With a remarkably broad base of support, the IASB could be the driving force in international accounting normal setting.
   
   
   See Also:
   INTERNATIONAL ACCOUNTING STANDARDS BOARD | IASB 
   

   OVERVIEW OF IMPORTANT INTERNATIONAL ORGANIZATIONS PROMOTING ACCOUNTING CONVERGENCE

   EVENTS In the HISTORY OF INTERNATIONAL
   Recognition and Support for the IASB