International Accounting Standards
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Provide a brief history or discussion of the IASB, making sure to include the following additional facts:
1. The role of the IASC Foundation
2. Structure of the IASB
3. Number of accounting standards currently published
4. Explanation of the steps involved in creating an international accounting standard in accordance with due process
Also, briefly summarize the two most recent accounting standards issued by the ISAB.
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1. The role of the IASC Foundation
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The International Accounting Standards Committee Foundation (IASC Foundation) is the oversight body for the International Accounting Standards Board (IASB). The objectives of the IASC Foundation are stated in its constitution as:
(a) To develop, in the public interest, a single set of high quality, understandable and
enforceable global accounting standards that require high quality, transparent and comparable
information in financial statements and other financial reporting to help participants in the
world's capital markets and other users make economic decisions;
(b) To promote the use and rigorous application of those standards; and
(c) to bring about convergence of national accounting standards and International Accounting Standards and International Financial Reporting Standards to high quality solutions. (IASC Foundation, 2002, para. ...
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