The International Accounting Standards Board is the independent, accounting
standard-setting body of the IFRS Foundation.
The IASB was founded on April 1, 2001, as the successor to the International
Accounting Standards Committee. It is responsible for developing International
Financial Reporting Standards, and promoting the use and application of
these standards. Foundation
On December 31, 2001, the International Accounting Standards Foundation was
incorporated as a tax-exempt organization in the U.S. state of
Delaware. On February 6, 2001, the International Financial Reporting
Standards Foundation was also incorporated as a tax-exempt
organization in Delaware. The IFRS Foundation is an independent,
not-for-profit organisation. Its primary mission is to develop, in the public
interest, a single set of high-quality, understandable, enforceable and globally
accepted International Financial Reporting Standards based upon clearly
articulated principles. IFRS are developed by the International
Accounting Standards Board, the independent standard-setting body of the
IFRS Foundation. The IASB assumed accounting standard-setting
responsibilities from its predecessor body, the International Accounting
Standards Committee, on March 1, 2001. This was the culmination of a
restructuring based on the recommendations of the report
Recommendations on Shaping IASC for the Future.
The IASB forms part the three-tier structure employed by the IFRS
Foundation and is responsible for setting the IFRS and related technical
activities. The IASB is overseen by the Trustees of the IFRS Foundation,
responsible for the organisation's governance, the appointment of IASB
members and funding. The IFRS Foundation is publicly accountable to a Monitoring
Board of capital market authorities. Members
The IASB originally had 14 full-time Board members, each with one vote. They
are selected as a group of experts with a mix of experience of standard-setting,
preparing and using accounts, and academic work. At their January 2009
meeting the Trustees of the Foundation concluded the first part of the second
Constitution Review, announcing the creation of a Monitoring Board and the
expansion of the IASB to 16 members and giving more consideration to the
geographical composition of the IASB. The IFRS Interpretations Committee has
14 members. Its brief is to provide timely guidance on issues that arise in
practice. A unanimous vote is not necessary in
order for the publication of a Standard, exposure draft, or final "IFRIC"
Interpretation. The Board's 2008 Due Process manual stated that approval by
nine of the members is required. As of July 2014, the members included:
Hans Hoogervorst, Netherlands, former Minister of Health, Minister of Finance
Ian Mackintosh, New Zealand, former Coopers & Lybrand, Chief Accountant
Australian Securities and Investments Commission
Stephen Cooper, UK, UBS Investment Research
Phillipe Danjou, France, former Arthur Andersen, AMF
Martin Edelmann, former Group Reporting at Deutsche Bank AG
Patrick Finnegan, US, formerly of the CFA Institute
Gary Kabureck Sue Lloyd
Amaro Luiz de Oliveira Gomes Takatsugu Ochi
Darrel Scott Mary Tokar
Chungwoo Suh Zhang Wei-Guo, China, former professor
in Shanghai, China Acc. Standards Committee
Former IASB members include James J. Leisenring, Robert P. Garnett, Mary
Barth, David Tweedie, Gilbert Gélard, Warren McGregor, and Tatsumi Yamada.
= Chairmen = On July 1, 2011, Hans Hoogervorst
succeeded David Tweedie as Chairman. David Tweedie had served as the Board's
Chairman since its creation in 2001. Due process
The IASB Handbook describes the consultative arrangements of the IASB.
The Board also publishes a brief guide on how standards are developed.
Funding The IFRS Foundation raises funds for the
operation of the IASB. Most contributors are banks and other companies which use
or have an interest in promoting international standards. In 2008,
American companies gave £2.4 million, more than those of any other country.
However, contributions fell in the wake of the financial crisis of 2007–2010,
and a shortfall was reported in 2010. See also
Philosophy of Accounting Bank regulation
References External links
Official website National accounting standard-setting
bodies The Institute of Chartered Accountants
of Pakistan Accounting Standards Board of Japan
Accounting Standards Board - South Africa
Accounting Standards Review Board - NZ Federal Accounting Standards Advisory
Board - US Financial Accounting Standards Board -
US Malaysian Accounting Standards Board
International Public Sector Accounting Standards Board - US
Iranian accounting standards board Singapore Accounting Standards Council
Polish Accounting Standards Board Komitet Standardów Rachunkowości
Discussions IFRS List - The online community about
IFRS/IAS and Auditing CFO.com's FASB-IASB news archive
FASB and IASB: Dependence Despite Independence