International Accounting Standards Committee

The International Accounting Standards Committee ( IASC) was founded in London on 29 June 1973 as the predecessor organization of the International Accounting Standards Board (IASB). She was a private law organization of professional associations of auditors from Germany, Great Britain and Ireland, France, the Netherlands, Australia, Japan, Canada, Mexico and the United States. The objective from the start was the formulation and publication of international accounting standards and the standardization of country-owned accounting standards. The IASC published in the period 1973-2000 a total of 41 International Accounting Standards, of which 29 are still in force. The organization was replaced on 1 April 2001 by the International Accounting Standards Board (IASB).

Development

In order to break away from the professional organization for accountants and to improve the efficiency and the effectiveness of a reorganization of the IASC was achieved in 2000. It was an umbrella organization, the International Accounting Standards Committee Foundation ( IASCF ), as well as the responsible for the technical work International Accounting Standard Board (IASB ) was established.

Basic organizational structure is now the Foundation. The International Accounting Standards Committee (IASC) Foundation, a private foundation, founded on 6 February 2001, has its headquarters in Delaware (USA). The International Accounting Standards Board ( ISAB ), emerged from the International Accounting Standards Committee ( IASC), adopted on 1 April 2001 on his work. She, just like her predecessor, headquartered in London and is funded by deposits of audit firms, private financial institutions and industrial companies from around the world and other international and professional organizations.

Structure

The support company of the International Accounting Standards Board ( ISAB ) is after the reorganization of the international regime encoder, the International Accounting Standards Committee Foundation ( IASCF ). Essentially it consists of the 22 trustees (called trustees ), the International Accounting Standards Board ( IASB ), the International Financial Reporting Interpretations Committee ( IFRIC) and the Standard Advisory Council ( SAC).

The twenty-two independent trustee in particular the task of appointing the members of the International Accounting Standard Board (IASB ), International Financial Reporting Interpretations Committee (IFRIC ) and Standard Advisory Council ( SAC). In their area of ​​responsibility also includes the review of the strategy and the effectiveness of the International Accounting Standards Board ( ISAB ). Furthermore, they provide the financing of the Foundation secure with their bodies and decide on possible amendments. It should be noted that the Trustees are excluded in the determination of the international accounting standards.

An important organ is the International Accounting Standards Board ( ISAB ). The board has 14 members, of which twelve were in full- time and two part-time, which shall perform the different tasks. The tasks are the development of international accounting standards. This includes the drafting services, processing of comments and guidance of public discussion on the draft until the adoption of International Financial Reporting Standards ( IFRS), as well as amendments to existing international standards. The 1973 to 2000 by the International Accounting Standards Committee ( ISAC ) published 41 international standards called International Accounting Standards ( IAS) and published after 2000 standards describe the International Financial Reporting Standards (IFRS). In addition, the International Accounting Standards Board ( ISAB ) conducts field studies to examine the feasibility of the new International Financial Reporting Standards (IFRS). In the performance of its duties, the International Accounting Standards Board ( ISAB ), the help of national accountancy bodies or other organizations operate in order to achieve recognition of standards worldwide.

Following the reorganization, the International Financial Reporting Interpretations Committee (IFRIC ) was founded in December 2001 as a successor to the Standing Interpretations Committee (SIC). It consists of twelve voting members next to acts of "Director of Technical Activities " by the International Accounting Standards Board ( IASB ) as Chairman, who has no voting rights in that body. Your task is interpretation, in cases where the International Financial Reporting Standards (IFRS ) / International Accounting Standards (IAS ) accounting standards interpreted differently or wrong, or new issues were not adequately addressed in the previous standards, to be published. The Committee meets every six weeks and first published in the interpretations as a draft for public discussion. The final interpretations are to be approved subsequently by the Board.

The Standards Advisory Council (SAC ) is a forum for individuals and international organizations. There is approximately of 50 members, which will cover a wide range of geographical and professional backgrounds. The possibility of influencing the International Accounting Standards Board (IASB ) and the International Financial Reporting Standards (IFRS ) is limited to the role of the advisor of the International Accounting Standards Board ( IASB ) in terms of technical and other questions. For all major projects of the International Accounting Standards Board (IASB ) but is to be consulted by the Council. It shall normally meet at least three times a year.

Objectives

In the public interest, the Foundation is committed to her work on the development of a worldwide single set of high quality, understandable and enforceable accounting standards. The intentions are to promote transparent and comparable information in the Company's financial statements and other financial reports. This supports the participants in the capital markets of the world in economic decisions. In addition, the Board cooperates with national accounting standard-setters or other organizations around the country 's accounting standards merge into a uniform global standard.

Mission Statement: "The Board is committed to Developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards did require transparent and Comparable information in general purpose financial statements. In addition the Board Cooperates with national accounting standard setters to achieve achievement convergence in accounting standards around the world. "

The International Accounting Standards Board ( ISAB ) is solely responsible for the publication of new International Financial Reporting Standards (IFRS ) as well as to change existing International Accounting Standards (IAS). The in the past by the International Accounting Standards Committee ( IASC) issued by the International Accounting Standards ( IAS) have been adopted by the International Accounting Standards Board (IASB ) and have continued unchanged validity. The International Accounting Standards Board (IASB) recently developed accounting standards are written as International Financial Reporting Standards (IFRS).

Since it is a private law non-European accounting institution the International Accounting Standards Board (IASB ), which adopts are International Financial Reporting Standards (IFRS ) / International Accounting Standards ( IAS) unfold itself has no legal effect. Must be transposed into national law in order to achieve this, the international accounting standards first. The application of international accounting standards by companies is voluntary without accepting into national law.

• IFRS
• International economic organizations