International Accounting Standards Board

International Accounting Standards Board (IASB ) is an internationally staffed independent panel of financial experts, the International Financial Reporting Standards ( IFRS) developed and revised as necessary. The IFRS determine the principles by which companies' financial statements are prepared for the purpose of international capital markets. They are the basis of accounting in the EU and many countries. Therefore, the IASB has a special importance for the functioning of international capital markets, which rely on relevant and reliable information for decision making.

The IASB consists of 16 members (as of 2012). The IASB members are appointed by the Trustees of the International Accounting Standards Committee Foundation ( IASCF ) according to fixed criteria on the origin and qualification. The IASB is exclusively responsible for the creation and development of IFRS. All administrative tasks and the dissemination and use of IFRS organized by the IASCF and also provides for funding of the IASB. Particular attention will be ensured by this structure an extensive professional independence of the IASB.

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

The previously developed by the IASC standards are called International Accounting Standards ( IAS). The standards that are adopted since then by the IASB, the International Financial Reporting Standards hot. This fact of the bill is to be taken to ensure that the objective of these standards is not only a correct accounting but also a complete and transparent financial reporting. The IASB also develops the IAS continuously.

Since 2000, the European Commission is due to a special recognition procedure ( " Endorsement " ) these standards as binding EU law a. This makes them automatically to national law.

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