University of Human Development

College of administration and

Economics
Accounting Department
Stage One

Prepared by:
Mohammed aram
Mohammed sardar
Zamo zana
Meran fasel SUPERVISED BY: Ms.Afsar

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 The International Accounting Standards
Board is the independent standard-
setting body of the IFRS Foundation. The
International Accounting Standards
Board's mission is to develop
enforceable, globally
accepted International Financial
Reporting Standards (IFRS).

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The International Accounting Standards Board:
The International Accounting Standard Board currently consists of 14
experts with experience in setting accounting standards,
preparing/auditing financial reports and accounting education.
Members are appointed by the Trustees of the IFRS Foundation
through an open process that includes advertising vacancies
and consulting financial organizations. Broad geographical diversity
among the International Accounting Standard Board members is also
required, according to the IFRS Foundation web site.
To develop IFRS, the International Accounting Standard Board works
closely with representatives from the finance sector all over the
world, including investors, analysts, regulators, business leaders,
accounting standard-setters and accountants. The IFRS are
developed through an international consultation process, with input
from these representatives. There are six stages of IFRS
development:
• Setting the agenda.
• Planning the project.
• Developing and publishing the discussion paper, including public
consultation.
• Developing and publishing the exposure draft, including public
consultation.
• Developing and publishing the standard.
• Procedures after an IFRS is issued
After an IFRS is issued, International Accounting Standard Board
members hold regular meetings with interested parties and other
standard-setting bodies to discuss any issues related to the new
standard's implementation.

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The IASB Framework

The International Accounting Standards (IASB)

Framework is the framework employed for the preparing
and presenting Financial Statements. The IASB
Framework was approved by the IASC Board in April
1989 and then adopted by the IASB in April 2001.

The basic purpose of the IASB Framework is to provide

assistance and guidance to the IASB in developing new or
revised standards in addition to assisting the preparers of
financial statements in applying the standards and
dealing with issues which are not explicitly dealt with by
the standards. However, the framework does not have
the force of a Standard. Therefore, in case of a conflict
between the Framework and the Standard will prevail
over the Framework.

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The objectives of the IAS Board are:
• For the common good, develop a range of high-quality, rollable and
applicable global accounting standards, which require high quality,
transparent and comparable information in financial statements and other
financial reports to assist participants in global capital markets in making
economic decisions.

• Improve the use and application of these standards

• Bringing national accounting standards closer to international accounting

standards to find good quality solutions.

International support for accounting consolidation:

There are many entities and bodies concerned with strengthening and promoting
standardization and accounting harmony around the world, including:
Financial Accounting Standards Board (FASB)
The U.S. Financial Accounting Standards Board is authorized to issue U.S.
accounting standards called GAAP.
In the United States of America, there are several stakeholders in issuing
accounting standards and publications on accounting professional practices,
including:

• Securities Trading Regulatory Authority (SEC)

• Institute of American Chartered Accountants (AICPA)

• Government Accounting Standards Board (GASB)

• Other institutions such as supervisory authorities, tax departments.

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Members of IASB:
The IASB contains 15 members, each possessing one
vote. These members are selected as a group of experts
with a blend of experience of standard-setting, preparing
and using accounts, and academic work. These members
include (as on October, 2011):
• Hans Hoogervorst (Chairman), Netherlands, former
Minister of Finance, Minister of Finance.
• Ian Mackintosh (Vice-chairman), 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 (Financial Markets Authority of France).
• Jan Engström, Sweden, former Volvo Group.
• Patrick Finnegan, USA, formerly of the CFA Institute.
• Prabhakar Kalavacherla (‘PK’) (was an audit partner
at KPMG LLP in the San Francisco office).
• Dr Elke König (Germany).
• Patricia McConnell, USA, formerly of Bear Stearns.
• Takatsugu Ochi (Japan).
• Paul Pacter (US).
• Darrel Scott (South Africa).
• John T. Smith, USA, former Deloitte, FASB.
• Zhang Wei-Guo, China, former Professor in
Shanghai, China Acc. Standards Committee.

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Sources:

https://searchcompliance.techtarget.com/defi
nition/International-Accounting-Standards-
Board

https://www.readyratios.com/reference/acco
unting/international_accounting_standards_b
oard_iasb.html

https://www.acc4arab.com/post/matha-tarf-
an-mjls-maayyr-almhasbh-aldwlyh-iasb-w-ma-
hy-aljhat-aldwlyh-alakhra-aldaamh-lltwhyd-
almhasby