This is really common knowledge of IASB for Students enrolled in accounting courses. So, as outsiders of accounting will feel strange why they know IASB because it is the organization related establishment and approval of IFRS (International Financial Reporting Standards). Certainly, perhaps you may consider this is not important for me because never involve in job position of accountant. However, now it is information time, check here merely this simple information may help you in time. Based on it I will share this topic for all walks of life if you like.
Basic knowing about ISAB
IASB is the International Accounting Standards Board. IASB, formerly known as the International Accounting Standards Committee (IASC), was fully restructured in 2000 and changed to the International Accounting Standards Board in early 2001.check here
The International Accounting Standards Board (IASB) is an independent private body that formulates and approves IFRS. The International Accounting Standards Board operates under the supervision of the International Accounting Standards Committee Foundation.
Development goal
Prior to the reorganization, the IASC Board undertook the formulation of international accounting standards. The Council is composed of representatives of accounting professional groups in 13 countries and no more than four other organizations with financial reporting interests.
In addition to the Board of Directors, check here IASC has also established three bodies: the Consultative Group, the Advisory Council and the Standing Interpretation Committee. The Advisory Group meets regularly to discuss technical issues in IASC projects, IASC work plans and strategies, and plays an important role in IASC’s due process for developing international accounting standards and promoting the recognition of international accounting standards.