International Accounting Standards Board

The International Accounting Standards Board (IASB) founded on April 1, 2001 is the successor of the International Accounting Standards Committee (IASC) founded in June 1973 in London. It is responsible for developing the International Financial Reporting Standards (new name for the International Accounting Standards issued after 2001), and promoting the use and application of these standards.

The International Accounting Standards Board (IASB) is an independent, privately-funded accounting standard-setter based in London, UK.

Foundation of the IASB

(Source: www.iasb.org, 6 Febr 2007) In April 2001, the International Accounting Standards Committee Foundation (IASCF) was formed as a not-for-profit corporation incorporated in the State of Delaware, US. The IASC Foundation is the parent entity of the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, UK.

On 1 March 2001, the IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future.

The IASB structure has the following main features: the IASC Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as a Standards Advisory Council and the International Financial Reporting Interpretations Committee. The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has sole responsibility for setting International Financial Reporting Standards (international accounting standards).

IASB Members

The IASB has 15 Board members, each with one vote[2]. The members are selected chiefly upon their professional competence and practical experience[3]. In their January 2009 meeting the Trustees of the IASC 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.

A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final IFRIC Interpretation. The approval by nine of the IASB’s fifteen members is however required^[1].

At 28/01/2008 the IASB Chairman was Professor Sir David Tweedie[4]. The Vice-Chairman was Thomas E Jones[5].

The members are in detail (as of 2009):

• Sir David Tweedie (Chairman), UK, former KPMG, ASB
• Phillipe Danjou, France, former Arthur Andersen, AMF (French "SEC")
• Jan Engström, Sweden, former Volvo Group
• Robert P. Garnett, South Africa, former CFO Anglo American Corp., Peat Marwick, Arthur Andersen
• Gilbert Gelard, France, former KPMG, Arthur Andersen
• James J. Leisenring, USA, Connection to FASB
• Warren McGregor, Australia, former CEO, Director Australian Accounting Research Foundation
• John T. Smith, USA, former Deloitte, FASB
• Tatsumi Yamada, Japan, former PWC, IASC Board
• Zhang Wei-Guo, China, former Professor in Shanghai, China Acc. Standards Committee
• Stephen Cooper, UK, UBS Investment Research
• Patrick Finnegan, USA, formerly of the CFA Institute.^[2]
• Amaro Luiz de Oliveira Gomes
• Prabhakar Kalavacherla (‘PK’)
• Patricia McConnell, USA, formerly of Bear Stearns.^[2]

IASB Due Process

The IASB Handbook[6] describes the consultative arrangements of the IASB. The Trustees’ Procedures Committee is in charge of regularly reviewing and updating the IASB due process procedures[7].

References

See also

• Philosophy of Accounting
• Bank regulation

External links

• A Brief Note on Accounting Principles & Accounting Standards
• Website
• FASB and IASB: Dependence Despite Independence
• The Institute of Chartered Accountants of Pakistan (ICAP)
• Accounting Standards Board of Japan
• Australian Accounting Standards Board
• Accounting Standards Board - ZA
• Accounting Standards Review Board - NZ
• Federal Accounting Standards Advisory Board - US
• Financial Accounting Standards Board - US
• Malaysian Accounting Standards Board
• The Accounting Standards Board Limited - UK
• International Public Sector Accounting Standards Board - US
• IFRS List - The online community about IFRS/IAS and Auditing
• CFO.com's FASB-IASB news archive
• Explication of the nomination of the IASB to a corporate irresponsibility award
• The Public Eye Award, to which the IASB has been proposed for nomination in 2008
• The Institute of Chartered Accountants of India (ICAI) Accounting Standards
• Iranian accounting standards board
• Download Pakistani law toolkit and tax accounting toolkit and IFRS