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International Accounting Standard Board & IFRS

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Provide a brief history or discussion on International Accounting Standards Board (IASB) and include the following:

a) The role of IASC Foudantion
b) Structure of IASB
c) Explanation of steps involved in creating international accounting standards in accordance with due process
d) Local mailing address and contact

Briefly summarise IFRS 8 Operating Segment & IFRS 4 Insurance Contracts

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Solution Summary

The solution details the role, structure and contact information to IASB. It also explains the steps followed to publish a international accounting standard by due process.

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The IASB (International Accounting Standards Board) in London is an independent standard-setting board, appointed and overseen by a geographically and professionally diverse group of Trustees of the International Accounting Standards Committee (IASC) Foundation who are accountable to the public interest. IASB co-operates with national accounting board to set standards to harmonize accounting standard around the world. Thus the primary objective of the Board to bring in practice the best accounting and auditing policies to manage the financial of the world at large. The IAS Board comprises 15 members from nine different countries appointed by the Trustees of IASC Foundation. The members are appointed as per guidelines detailed in IASC Foundation Constitution.

IASC Foundation is committed to develop, in the public interest and through its standard-setting body, the International Accounting Standards Board (IASB), a single set of high quality, international financial reporting standards for general purpose financial statements. The governance of the IASC Foundation rests with 22 Trustees who are individuals with senior executive experience from diverse geographical and professional backgrounds, in both the private and public sectors domain . IASC works as an independent not-for-profit organization.

World has move forward leaps and bounds in last decade. Large and reputed company's failure around the world instigated the need to have transparent, common rules and policies. IASB along with other national accounting standard setter started issuing International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). Consequently companies around the world started converting or changing their country specific accounting standard to bring its practices and procedure in compliance ...

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