International Accounting Standards Board - Wikipedia International Accounting Standards Board The International Accounting Standards Board ( IASB ) 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 ( IASC ). It is responsible for developing International Financial Reporting Standards ( IFRS ), previously known as International Accounting Standards ( IAS ) and promoting the use and application of these standards. Contents 1 Foundation 2 Members 2.1 Chairmen 3 Due process 4 Funding 5 See also 6 References 7 External links Foundation On December 31, 1920, The International Accounting Standards Foundation ( IASF ) 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 ( IFRS ) based upon clearly articulated principles. IFRS are developed by the International Accounting Standards Board ( IASB ), 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 ( IASC ), 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 13 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 15 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 ( Chairman ), Netherlands, former Minister of Health, Minister of Finance Sue Lloyd ( Vice-chairman ) Takao Mizukami ( Vice-chairman ) Nick Anderson, Janus Henderson Investor ( UK ) Phillipe Danjou, France, former Arthur Andersen, AMF ( Financial Markets Authority of France ) Martin Edelmann, former Group Reporting at Deutsche Bank AG Patrick Finnegan, US, formerly of the CFA Institute Gary Kabureck ( US ) Sue Lloyd ( New Zealand ) Amaro Luiz de Oliveira Gomes ( Brazil ) Takatsugu Ochi ( Japan ) Darrel Scott ( South Africa ) Mary Tokar ( US ) Chungwoo Suh ( Korea Republic ) 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. Academics such as Oxford professor Karthik Ramanna have criticized this arrangement as facilitating regulatory capture. See also Bank regulation BilMoG, the German Accounting Law Reform Act, modernises the German commercial accounting standards International Financial Reporting Standards Philosophy of accounting References Jump up ^ IFRS Foundation, 2012. About the IFRS Foundation and the IASB Archived 2012 - 07 - 23 at the Wayback Machine... Retrieved on April 28, 2012. Jump up ^ File No. 3348349 Jump up ^ File No. 3353113 ^ Jump up to : `` Mission Statement ''. IFRS. Jump up ^ `` Monitoring Board ''. Deloitte Global Services Limited. 30 August 2012. Jump up ^ `` How we are structured '' Archived 2014 - 08 - 03 at the Wayback Machine... IFRS. Jump up ^ `` Overview of the structure of the IFRS Foundation and IASB ''. Deloitte Global Services Limited. 30 August 2012. ^ Jump up to : `` Members of the IASB '' Archived 2014 - 08 - 03 at the Wayback Machine... IFRS. ^ Jump up to : Due Process Handbook, IASB, 2008 Jump up ^ A Welcome from the incoming Chairman of the IASB, IFRS, 01 July 2011 ^ Jump up to : Who we are and what we do, IASB, July 2010 Jump up ^ Lehman collapse contributed to IASB funding issues, Accountancy Age, 6 Apr 2010 Jump up ^ Ramanna, K. Political Standards : Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy, Chicago : University of Chicago Press, 2015 ; ISBN 0 - 2262 - 1074 - X External links IASB Official website National accounting standard - setting bodies ICAP The Institute of Chartered Accountants of Pakistan ASBJ Accounting Standards Board of Japan ASB - SA Accounting Standards Board - South Africa ASRB Accounting Standards Review Board - NZ FASAB Federal Accounting Standards Advisory Board - US FASB Financial Accounting Standards Board - US MASB Malaysian Accounting Standards Board IPSASB International Public Sector Accounting Standards Board - US / International Iran IASB Iranian accounting standards board SASC Singapore Accounting Standards Council KSR PASB 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 ( Social Science Research Network paper ) International Financial Reporting Standards and Related Accounting Organizations Organizations IFRS Foundation International Accounting Standards Board Predecessors International Accounting Standards Committee Selected standards IFRS 5 9 10 11 12 13 15 16 17 IAS 7 8 10 16 17 19 37 39 List of standards requirements Retrieved from `` https://en.wikipedia.org/w/index.php?title=International_Accounting_Standards_Board&oldid=838666720 '' Categories : International accounting organizations Financial regulation Standards organizations in the United States International Accounting Standards Board Organizations established in 2001 Hidden categories : Webarchive template wayback links Official website different in Wikidata and Wikipedia Talk Contents About Wikipedia Deutsch Español Esperanto Français 한국어 Italiano Nederlands 日本 語 Norsk Português Română Русский Svenska Tiếng Việt 中文 7 more Edit links This page was last edited on 28 April 2018, at 14 : 15. 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Question: when was the international accounting standards board formed
Answer: April 1, 2001