IASBs

The IASB, International Accounting Standards Board, is the independent standard-setting body of the IFRS Foundation responsible for developing and promoting International Financial Reporting Standards (IFRS). It was established in 2001 to succeed the International Accounting Standards Committee (IASC) and to continue the work toward a single set of high-quality accounting standards for general purpose financial reporting.

The primary mandate of the IASB is to create a globally accepted set of accounting standards that are high quality, understandable, and enforceable. IFRS Standards, along with related interpretive guidance, provide the rules for recognizing, measuring, presenting, and disclosing financial information. The IASB also oversees the IFRS Interpretations Committee, which issues interpretations to resolve application issues of IFRS, helping to ensure consistent implementation.

Governance and process are characterized by public, transparent activities. The IASB relies on a due-process framework that includes consultation with stakeholders, exposure drafts, field tests, and consideration of feedback before finalizing standards. Its work is supported by the IFRS Foundation, which appoints board members, and by advisory bodies such as the IFRS Advisory Council. Meetings are conducted in public and minutes and project updates are published to maintain accountability and broad input.

Global impact of the IASB’s work is substantial. IFRS Standards are required or permitted in many jurisdictions for listed companies and, increasingly, for other entities. The widespread adoption of IFRS enhances comparability of financial statements across borders and supports cross-border investment, while ongoing standard-setting continues to address evolving financial reporting needs and complex accounting issues.