International Accounting Standard Board I IASB | International Financial Reporting Standards | IFRS
Channel: Farhat Lectures. The # 1 CPA & Accounting Courses
Date: 2019-06-11

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International Accounting Standards Board
The IASB has sole responsibility for establishing the IFRS.

The principal responsibilities of the IASB are to:

Develop and issue IFRS and Exposure Drafts.

Approve interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC).

 The IASB, which is based in London, was formed in 2001 to create a single set of global accounting standards.  The IASB periodically issues International Financial Reporting Standards which have been adopted as Generally Accepted Accounting Principles (GAAP) by more than one hundred countries.  IASB board members are selected by IFRS Foundation Trustees.  The IASB is supported by the IFRS Advisory Council and the IFRS Interpretations Committee.  The advisory council provides guidance to the IASB and the Interpretations Committee aims to reduce divergent accounting practices by clarifying the appropriate accounting treatment with the existing IFRS.  
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