Accounting Regulatory Bodies

The International Accounting Standards Board

Introduction

The International Accounting Standards Board (IASB) is an independent, standard-setting organisation of the International Financial Reporting Standards Foundation (IFRS Foundation).

This organisation was established on April 1, 2001, as a successor organisation to the International Accounting Standards Committee (IASC). It is in charge of establishing International Financial Reporting Standards as well as promoting the adoption and application of these standards worldwide.

Foundation

The International Accounting Standards Foundation was established on December 31, 2001, as a tax-exempt organisation in the state of Delaware, in the United States of America. Also on February 6, 2001, the International Financial Reporting Standards Foundation (IFRS Foundation) was established as a tax-exempt organisation in the state of Delaware.

The International Financial Reporting Standards Foundation (IFRS Foundation) is an independent, not-for-profit organisation. In the public interest, its principal purpose is to establish a single set of high-quality, easily comprehensible, enforceable, and internationally recognised International Financial Reporting Standards based on clearly stated principles, and to do so in a timely manner.

The International Financial Reporting Standards (IFRS) are created by the International Accounting Standards Board, which is an independent standard-setting organisation of the International Financial Reporting Foundation.

On March 1, 2001, the International Accounting Standards Board (IASB) took over the accounting standard-setting tasks from its predecessor body, the International Accounting Standards Committee. This was the conclusion of a reorganisation based on the suggestions of the study Recommendations on Shaping the IASC for the Future, which was released in December.

The International Accounting Standards Board (IASB) is one of three tiers of the IFRS Foundation’s three-tier organisation, and it is responsible for setting the International Accounting Standards and related technical operations. They are in charge of the organization’s governance, as well as the appointment of IASB members and financing.

The IASB is governed by the Trustees of the International Financial Reporting Foundation. The International Financial Reporting Standards Foundation is publicly responding to a Monitoring Board comprised of representatives from capital market regulators.

Members

The International Accounting Standards Board (IASB) initially consisted of 14 full-time Board members, each of whom had one vote.

They are chosen from among a group of specialists who have a diverse range of experience, including standard-setting, creating and utilising financial statements, and academic work.

The Trustees of the Foundation completed the first part of the second Constitution Review at their meeting in January 2009, announcing the creation of a Monitoring Board and the expansion of the International Accounting Standards Board to 16 members, as well as giving greater consideration to the geographical composition of the IASB. The Interpretations Committee of the International Financial Reporting Standards (IFRS) has 14 members.

Its mandate is to give timely advice on difficulties that occur in the practice of medicine and dentistry.
For the publishing of a Standard, exposure draught, or final “IFRIC” Interpretation, there is no requirement for a unanimous majority.

According to the Board’s Due Process handbook from 2008, permission by nine of the board’s members is necessary.

Hans Hoogervorst, former Minister of Health and Minister of Finance of the Netherlands, was among the members as of July 2014, according to a press release.

New Zealander Ian Mackintosh, formerly of Coopers & Lybrand, is the Chief Accountant of the Australian Securities and Investments Commission.

Stephen Cooper, UBS Investment Research in the United Kingdom AMF member Phillipe Danjou (France), a former Arthur Andersen employee.

Martin Edelmann, formerly of Deutsche Bank AG’s Group Reporting department Patrick Finnegan, previously of the CFA Institute in the United States Gary Kabureck’s full name is Gary Kabureck. ‘Sue Lloyd Amaro’ is a fictional character created by author Sue Lloyd Amaro. Luiz de Oliveira’s full name is Luiz de Oliveira.

Gomes Takatsugu is a Japanese actor who has been in a number of films and television shows. Ochi Darrel Scott is a musician from the United States. Mary Tokar Chungwoo is a Korean actress.

Suh Zhang Wei-Guo, China, is a former professor in Shanghai, China, and a member of the Accreditation Standards Committee.

James J. Leisenring, Robert P. Garnett, Mary Barth, David Tweedie, Gilbert GĂ©lard, Warren McGregor, and Tatsumi Yamada are all former members of the International Accounting Standards Board. = Chairpersons = Hans Hoogervorst took over as Chairman of the Board of Directors on July 1, 2011, when David Tweedie retired. David Tweedie had been the Chairman of the Board from the organization’s inception in 2001.

Funding

The International Accounting Standards Board (IASB) Foundation provides donations to support the organization’s operations. The vast majority of contributions are financial institutions and other businesses that utilise or have an interest in supporting international standards.

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