Practical Law Glossary Item 1-386-5635 (Approx. 2 pages)
Glossary
International Accounting Standards Board (IASB)
An independent, private-sector standard-setting body whose key mission is to develop International Financial Reporting Standards (IFRS) for general purpose financial statements.
The IASB is appointed and overseen by a diverse group of Trustees of the IFRS Foundation, an independent not-for-profit, private sector organization. The Trustees appoint the members of the IASB and there are approximately 15 members from various geographical regions. The IASB works with national accounting standard-setters to achieve convergence in accounting standards around the world.