IASB

International Accounting Standards Committee (IASC)

- Made in 1973
- Made IASB in 2001
- Had collaboration with International Federation of Accountants during 1983-2000

International Accounting Standards Boards (IASB)

- Overtook IASC
- Creates a single set of global accounting standards
- Issue: IFRS Based on Conceptual Framework

IFRS Foundation
- Part 1
1. Creation of Monitoring Board
- Part 2
2. Creation of IASB
3. Creation of Vice Chairs for trustees of IFRS
4. Streamline the Names of Organization

IASB Structure
1. Monitoring Board
a. Link between trustees and Public Authorities
b. Committees of IOSCO, IU, JFSA, SEC
2. IFRS Foundation
a. 22 Trustees [Asia/Oceania, Europe, North America (6 Each). Africa, South
America (1 each), any area (2)]
b. Appoint members of IASB, IFRIC, advisory council, as well as monitor their
effectiveness, budgets, and secure funding.
c. Foundation Principal Objectives
i. To develop a single set of high quality, understandable, enforceable, and
globally accepted international reporting standards through its standard-
setting body, the IASB;
ii. To promote the use and rigorous application of those standards
iii. To take account of the financial reporting needs of emerging economies
and small and medium sized entities, and;
iv. To bring about convergence of national accounting standards and IFRS’s
to high quality solutions.
d. Informs trustees about results of Work
3. International Accounting Standards Board
a. 16 members
b. Prepare and issue IFRS’s/ IFRS for SME’s
c. Meetings will have to be held in public and webcast
d. New Chairman - Andreas Barckow
 4. IFRS Advisory Council
a. Formerly known as Standards Advisory Council
b. Has 40 members
c. Provides forum for participation by organizations and individuals in the standard
setting process
d. Meets with IASB 3 times a year, open to the public
e. IASB will consult to them for boards decision on major projects
f. IFRS Foundation will consult to them for changes in the constitution
5. IFRS Interpretations Committee
a. Develop IFRICS
b. Has 14 members + non voting observes
c. Review on a timely basis the widespread accounting issues that have arisen
within the context of the current IFRS
d. And to provide authoritative guidance with those issues (IFRIC).
6. Working Groups
a. Made by IASB to give advice on major agenda projects.

IASB Standard Setting Process

1. Identify and review the issues
- Associated with the agenda topic
- Ideas are exchanged between national standards setters
2. IFRS Foundation Trustees and IFRS Advisory Council are consulted
3. IASB is required to carry out public consultation
 - Webcast is held
- Done every 3 tyears
4. Advisory group is formed
5. Exposure draft is made
- Discussion document is published (discussion paper) which includes boards
preliminary views on the project
- Comments will be published including dissenting opinions held by IASB
members.
6. Approval Of Standard
- Approved by 9 votes or 10 (if 16 members)
- dissenting opinions will be approved and published with the standard