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Question about International Accounting Standards Board

Describe the International Accounting Standards Board (IASB) and its purpose. What countries are subject to the IASB? How is the IASB the same or different from the FASB? Do you think there should be global accounting standards? Why or why not?

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The International Accounting Standards Board is an independent, private-sector body that develops and approves International Financial Reporting Standards. The IASB operates under the oversight of the International Accounting Standards Committee Foundation. The IASB was formed in 2001 to replace the International Accounting Standards Committee.

The major objectives or purpose of IASB is:

the objectives of the IASB are:

(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) in fulfilling the objectives associated with (a) and (b), to take account of, as ...

Solution Summary

Describe the International Accounting Standards Board (IASB) and its purpose.