International Accounting Standards Board

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International Accounting Standards Board (IASB) is an international, private-sector body of accounting experts that develops the International Financial Reporting Standards and revises them if necessary. The IFRS determine the principles according to which annual financial statements of companies are prepared for the purposes of the international capital markets . They are permitted or required in almost 120 countries. These include the countries of the European Union . Therefore, the IASB is of particular importance for the functioning of the international capital markets, which depend on relevant and reliable information for decision-making.

Structure and history

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The organization consists of 14 members (as of 2014). Members are appointed by the trustees of the International Accounting Standards Committee Foundation according to fixed criteria of origin and qualification. The IASB is exclusively responsible for the creation and further development of the IFRS. The IASCF organizes all administrative tasks as well as the dissemination and use of IFRS and also provides financing for the IASB. In particular, this structure is intended to ensure extensive professional independence of the IASB.

The institution was established in 2001 as the successor to the former International Accounting Standards Committee of the IASCF. The IASB and IASCF have their offices in London , which is where most of the meetings take place.

The standards previously developed by the IASC are called International Accounting Standards (IAS). The standards that have been adopted by the IASB since then are called International Financial Reporting Standards . This is to take account of the fact that the aim of these standards is not only correct accounting , but also complete and transparent financial reporting . The IASB is also continuously developing the IAS.

Since 2000, the European Commission has implemented these standards as binding EU law through a special endorsement process. They automatically become national law as well.

See also

• Financial Accounting Standards Board
• United States Generally Accepted Accounting Principles - FASB accounting principles
• German Accounting Standards Committee
• IFRS Taxonomy Consultative Group

Web links

• Official website
• FASB and IASB: Dependence Despite Independence

Individual evidence

1. ↑ About us and our work , January 2014 ( Memento of the original from March 4, 2016 in the Internet Archive ; PDF) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Website of the IFRS Foundation and the International Accounting Standards Board  
2. ^ Members of the IASB . ( Memento of the original from August 3, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Website of the IFRS Foundation and the International Accounting Standards Board; accessed on September 16, 2014