International Accounting Standards Board
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 (IFRS), previously known as International Accounting Standards (IAS) and promoting the use and application of these standards.
On December 31, 1920, The International Accounting Standards Foundation (IASF) was incorporated as a tax-exempt organization in the U.S. state of Delaware. On February 6, 2001, the International Financial Reporting Standards Foundation was also incorporated as a tax-exempt organization in Delaware. The IFRS Foundation is an independent, not-for-profit organisation. Its primary mission is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS) based upon clearly articulated principles.
IFRS are developed by the International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation. The IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC), on March 1, 2001. This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future.
The IASB forms part the three-tier structure employed by the IFRS Foundation and is responsible for setting the IFRS and related technical activities. The IASB is overseen by the Trustees of the IFRS Foundation, responsible for the organisation's governance, the appointment of IASB members and funding. The IFRS Foundation is publicly accountable to a Monitoring Board of capital market authorities.
The IASB originally had 13 full-time 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. 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 15 members. Its brief is to provide timely guidance on issues that arise in practice.
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.
As of July 2014, the members included:
- Hans Hoogervorst (Chairman), Netherlands, former Minister of Health, Minister of Finance
- Sue Lloyd (Vice-chairman)
- Takao Mizukami (Vice-chairman)
- Nick Anderson, Janus Henderson Investor (UK)
- Phillipe Danjou, France, former Arthur Andersen, AMF (Financial Markets Authority of France)
- Martin Edelmann, former Group Reporting at Deutsche Bank AG
- Patrick Finnegan, US, formerly of the CFA Institute
- Gary Kabureck (US)
- Sue Lloyd (New Zealand)
- Amaro Luiz de Oliveira Gomes (Brazil)
- Takatsugu Ochi (Japan)
- Darrel Scott (South Africa)
- Mary Tokar (US)
- Chungwoo Suh (Korea Republic)
- Zhang Wei-Guo, China, former professor in Shanghai, China Acc. Standards Committee
The IFRS Foundation raises funds for the operation of the IASB. Most contributors are banks and other companies which use or have an interest in promoting international standards. In 2008, American companies gave £2.4 million, 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. Academics such as Oxford professor Karthik Ramanna have criticized this arrangement as facilitating regulatory capture.
- Bank regulation
- BilMoG, the German Accounting Law Reform Act, modernises the German commercial accounting standards
- International Financial Reporting Standards
- Philosophy of accounting
- IFRS Foundation, 2012. About the IFRS Foundation and the IASB Archived 2012-07-23 at the Wayback Machine.. Retrieved on April 28, 2012.
- File No. 3348349
- File No. 3353113
- "Mission Statement". IFRS .
- "Monitoring Board". Deloitte Global Services Limited. 30 August 2012.
- "How we are structured" Archived 2014-08-03 at the Wayback Machine.. IFRS .
- "Overview of the structure of the IFRS Foundation and IASB". Deloitte Global Services Limited. 30 August 2012.
- "Members of the IASB" Archived 2014-08-03 at the Wayback Machine.. IFRS.
- Due Process Handbook, IASB, 2008
- A Welcome from the incoming Chairman of the IASB, IFRS, 01 July 2011
- Who we are and what we do, IASB, July 2010
- Lehman collapse contributed to IASB funding issues, Accountancy Age, 6 Apr 2010
- Ramanna, K. Political Standards: Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy, Chicago: University of Chicago Press, 2015; ISBN 0-2262-1074-X
- IASB Official website
- National accounting standard-setting bodies
- ICAP The Institute of Chartered Accountants of Pakistan
- ASBJ Accounting Standards Board of Japan
- ASB-SA Accounting Standards Board - South Africa
- ASRB Accounting Standards Review Board - NZ
- FASAB Federal Accounting Standards Advisory Board - US
- FASB Financial Accounting Standards Board - US
- MASB Malaysian Accounting Standards Board
- IPSASB International Public Sector Accounting Standards Board - US/International
- Iran IASB Iranian accounting standards board
- SASC Singapore Accounting Standards Council
- KSR PASB Polish Accounting Standards Board Komitet Standardów Rachunkowości
- 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)