International Accounting Standards Board
The International Accounting Standards Board (IASB) is an independent, privately funded accounting standard-setter based in London, England.
The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards Committee (IASC). 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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[edit] Foundation
On January 25, 2001, the International Accounting Standards Foundation (IASF) was incorporated as a tax-exempt organization in the US state of Delaware.[1] On February 6, 2001, the International Financial Reporting Standards Foundation was also incorporated as a tax-exempt organization in Delaware.[2] The IFRS Foundation is the parent entity of the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, England.[3]
On 1 March 2001, the IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future.
The IASB structure has the following main features: the IFRS Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as a IFRS Advisory Council and the IFRS Interpretations Committee (formerly the IFRIC). The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has responsibility for setting International Financial Reporting Standards (international accounting standards).
[edit] Members
The IASB has 15 Board members, each with one vote. They are selected as a group of experts with a mix of experience of standard-setting, preparing and using accounts, and academic work.[4] At their January 2009 meeting the Trustees of the Foundation concluded the first part of the second Constitution Review, announcing the creation of a Monitoring Board and the expansion of the IASB to 16 members and giving more consideration to the geographical composition of the IASB.
The IFRS Interpretations Committee has 14 members. Its brief is to provide timely guidance on issues that arise in practice.[5]
A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final "IFRIC" Interpretation. The Board's 2008 Due Process manual stated that approval by nine of the members is required.[6]
The members (as of July 2011) are:[4]
- Hans Hoogervorst (Chairman), Netherlands, former Minister of Finance, Minister of Finance
- Ian Mackintosh (Vice-chairman), New Zealand, former Coopers & Lybrand, Chief Accountant Australian Securities and Investments Commission
- Stephen Cooper, UK, UBS Investment Research
- Phillipe Danjou, France, former Arthur Andersen, AMF (Financial Markets Authority of France)
- Jan Engström, Sweden, former Volvo Group
- Patrick Finnegan, USA, formerly of the CFA Institute.
- Amaro Luiz de Oliveira Gomes
- Prabhakar Kalavacherla (‘PK’) (was an audit partner at KPMG LLP in the San Francisco office[7] )
- Dr Elke König (Germany)
- Patricia McConnell, USA, formerly of Bear Stearns
- Takatsugu Ochi (Japan)
- Paul Pacter (US)
- Darrel Scott (South Africa)
- John T. Smith, USA, former Deloitte, FASB
- Zhang Wei-Guo, China, former Professor in Shanghai, China Acc. Standards Committee
Former IASB members include James J. Leisenring, Robert P. Garnett, Mary Barth, David Tweedie, Gilbert Gélard, Warren McGregor, and Tatsumi Yamada.
[edit] Chairmen
On July 1, 2011, Hans Hoogervorst succeeded David Tweedie as Chairman. David Tweedie had served as the Board's Chairman since its creation in 2001.[8]
[edit] Due process
The IASB Handbook describes the consultative arrangements of the IASB.[6] The Board also publishes a brief guide on how standards are developed.[9]
[edit] Funding
The IFRS Foundation raises funds for the operation of the IASB.[9] Most contributors are banks and other companies which use or have an interest in promoting international standards. In 2008, American companies gave £2.4m, more than those of any other country. However, contributions fell in the wake of the financial crisis of 2007–2010, and a shortfall was reported in 2010.[10]
[edit] See also
[edit] References
- ^ File No. 3348349
- ^ File No. 3353113
- ^ www.iasb.org, 6 Febr 2007
- ^ a b Members of the IASB
- ^ About the IASC Foundation and the IASB
- ^ a b Due Process Handbook, IASB, 2008
- ^ "Error: no
|title=specified when using {{Cite web}}". IFRS.org. ifrs.org. http://www.ifrs.org/The+organisation/Members+of+the+IASB/Prabhakar+Kalavacherla+%28PK%29.htm. - ^ A Welcome from the incoming Chairman of the IASB, IFRS, 01 July 2011
- ^ a b Who we are and what we do, IASB, July 2010
- ^ Lehman collapse contributed to IASB funding issues, Accountancy Age, 6 Apr 2010
[edit] External links
- National accounting standard-setting bodies
- The Institute of Chartered Accountants of Pakistan (ICAP)
- Accounting Standards Board of Japan
- Australian Accounting Standards Board
- Accounting Standards Board - South Africa
- Accounting Standards Review Board - NZ
- Federal Accounting Standards Advisory Board - US
- Financial Accounting Standards Board - US
- Malaysian Accounting Standards Board
- The Accounting Standards Board Limited - UK
- International Public Sector Accounting Standards Board - US
- Iranian accounting standards board
- Singapore Accounting Standards Council
- Discussions
- IFRS List - The online community about IFRS/IAS and Auditing
- CFO.com's FASB-IASB news archive
- FASB and IASB: Dependence Despite Independence (Social Science Research Network paper)
