IASB Full Form Name

Full Form of IASB:

International Accounting Standards Board

IASB Full Form is International Accounting Standards Board. IASB is an internationally acclaimed independent agency that sets and specifically determines the standards for accounting. It is an important and active body of IFRS Foundation (International Financial Reporting Standards Foundation). It effectively and efficiently replaced its predecessor titled IASC (International Accounting Standards Committee).

Established in 2001 and headquartered in New York, IASB is mainly concerned with setting international standards for reporting financial matters and issues. IASB also makes sure that these standards are enforced and applied practically to make the best out of any financial implication.

IASB also ensures that advanced technical activities are practiced in the process of determining and evaluating the standards. As IFRS is its parent society, activities and operations of IASB is supervised by the trustees and an aptly organized monitoring board. Initially, IASB had 14 members, but now it consists of 16 full-time members.

Members are selected, from different countries, according to their expertise and excellence in setting and evaluating standards, preparing various types of financial accounts and using them effectively, and their academic work or record. For passing and enforcing a particular standard, at least nine members have to vote in favor of it. The funding of IASB is provided by numerous banks and other business organizations that either use these standards or want to promote international accounting standards.

Comments are closed.