What is the role of the International Accounting Standards Board IASB in establishing international financial reporting standards?
The IASB is the independent standard-setting body of the IFRS Foundation responsible for the development and publication of IFRSs and for approving Interpretations of IFRSs as developed by the IFRS Interpretations Committee.[1] Show
source: Steven Collings
The framework includes the following five elements:
source: Deloitte See AlsoInternational Accounting Standards Committee (IASC) References
Further Reading
What is the role of the International Accounting Standards Board IASB?The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs). The IASB operates under the oversight of the IFRS Foundation.
What is the role of international financial reporting standards?International Financial Reporting Standards (IFRS) are a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements. They were developed and are maintained by the International Accounting Standards Board (IASB).
What is the role of the accounting standards board?The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP).
What is the role of the IASB quizlet?It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued after 2001), and promoting the use and application of these standards.
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