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International Accounting Standards Board

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International organization

The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation.[1] [2] [3] [4] The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC).[5] It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.[6] [7] [8] [9] [10]

Background and semantics

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The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS).[11] [12] [13] As the organization was reformed in 2001, it changed the name of the standard-setting body from IASC to IASB, and established a foundation to oversee it, initially known as the IASC Foundation and renamed the IFRS Foundation in mid-2010.[14] [15] [16] Also in 2001, it was decided that newly issued standards would be labeled IFRS instead of IAS, and that the entire set of IASC/IASB standards (including the IAS issued until 2001 and the IFRS issued since then) would also be known as IFRS.[17]

In 2021, The IFRS Foundation introduced a new semantic twist as it decided to establish the International Sustainability Standards Board (ISSB) as a sister standard-setter to the IASB.[18] [19] [20] [21] [22] Under the new terminology, IFRS consist of the combination of accounting standards issued by the IASB and of sustainability-related standards issued by the ISSB.[23] [24] [25] The former are still labeled IFRS (or IAS for those issued before 2001), and the latter are labeled IFRS-S (with the last "S" for Sustainability). The entire set of standards, including IFRS and IFRS-S, is also collectively referred to as IFRS.[26]

Members

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The IASB originally had 14 full-time Board members, each with one vote. They are selected as a group of experts with a mix of experience of standard-setting, preparing and using accounts, market/financial regulation and academic work as well as from diverse geographical backgrounds.[27] At their January 2009 meeting, the Trustees of the 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. After the Trustees’ Review of Structure and Effectiveness in 2015, the number of members were in 2016 again set to 14 members.

The IFRS Interpretations Committee has 15 members. It is the IASB's interpretative body and its brief is to provide timely guidance on application issues that arise in practice.[28]

A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final "IFRIC" Interpretation. The Board's 2016 Constitution states that the publication of an Exposure Draft, or an IFRS Standard (including an IAS Standard or an IFRIC Interpretation of the Interpretations Committee) shall require approval by eight members of the Board, if there are 13 members or fewer, or by nine members if there are 14 members. Other decisions of the Board, including the publication of a Discussion Paper, shall require a simple majority of the members of the Board present at a meeting that is attended by at least 60 per cent of the members of the Board, in person or by telecommunications.[29]

As of March 2021, the members included:[30]

  • Andreas Barckow (Chair), Germany
  • Sue Lloyd (Vice-chair)
  • Nick Anderson, UK, Janus Henderson Investor
  • Tadeu Cendon, Brazil
  • Zach Gast, US
  • Jianqiao Lu, China
  • Bruce Mackenzie, South Africa
  • Bertrand Perrin, France
  • Tom Scott, Canada
  • Rika Suzuki, Japan
  • Ann Tarca, Australia
  • Mary Tokar, US

Former IASB members include James J. Leisenring, Robert P. Garnett (formerly Anglo American PLC),[31] Mary Barth,[32] David Tweedie, Gilbert Gélard,[33] Warren McGregor,[34] and Tatsumi Yamada (formerly PriceWaterhouseCoopers and KPMG).[35]

List of IASB chairs

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Due process

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The IASB Due Process Handbook describes the consultative arrangements of the IASB,[37] and includes information on how standards are developed.

Funding

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The IFRS Foundation raises funds for the operation of the IASB.[38] The majority of the funding is voluntary contributions from jurisdictions that have put in place national financing regimes. The contribution is normally a percentage of the total gross domestic product of all contributing jurisdictions. Additionally, part of the contributions comes from the biggest accounting firms. In 2019, IFRS Foundation's revenue amounted to GBP 31 million, of which GBP 20 million came from contributions and GBP 11 million came from self generated revenue from publications and related activities.[39]

See also

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References

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  1. ^ Nedumpara, James J.; Shekhar, Satwik; Venkataraman, Akshaya, eds. (2022). Handbook on Product Standards and International Trade: Navigating the Regulatory Landscape in India. Kluwer Law International B.V. Page 253 (electronic text). Retrieved 7 December 2025.
  2. ^ Picker, Ruth (2013). International Financial Reporting Standards: A Practical Guide. Wiley. p. 9. Retrieved December 7, 2025. The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation.
  3. ^ CFA Program Curriculum 2019 Level I, Volume 3. CFA Institute. 2019. Reading 3, page 48. Retrieved 7 December 2025. The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation.
  4. ^ Boyd, Kenneth (2013). Financial Accounting, Reporting, and Analysis (2 ed.). Oxford University Press. p. 65. Retrieved 7 December 2025. The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation.
  5. ^ Staff writer (2024). "International Accounting Standards Board (IASB)". UIA Global Civil Society Database. uia.org. Brussels, Belgium: Union of International Associations. Yearbook of International Organizations Online. Retrieved 12 January 2025.
  6. ^ Pacter, Paul (2021). International Financial Reporting Standards: An Introductory Guide. Routledge. p. 2. Retrieved 7 December 2025. It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.
  7. ^ Rosenthal, Uriel; P., David A., eds. (2012). Managing Risk and Decision Making in Times of Crisis. Springer Science & Business Media. p. 53. Retrieved 7 December 2025. It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.
  8. ^ Hoggett, John; Edwards, Lew; Medlin, John; Hogg, Evelyn (2018). Accounting: Business Reporting for Decision Making. Wiley. p. 49. Retrieved 7 December 2025. It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.
  9. ^ L. L. C. L. L. C. P., Emmanuel, ed. (2024). The Routledge Companion to Public-Private Partnerships. Routledge. p. 419. Retrieved 7 December 2025. It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.
  10. ^ Johnson, Sarah H. (2017). How to Be an Accountant. Rowman & Littlefield. p. 385. Retrieved 7 December 2025. It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.
  11. ^ Accounting Faculty (2013). Principles of Financial Accounting, University of Minnesota. University of Minnesota Libraries Publishing. p. 22. Retrieved 7 December 2025. The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS).
  12. ^ Tulsian, P. C.; Tulsian, C. A. (2017). INTERNATIONAL ACCOUNTING. S. Chand Publishing. p. 115. Retrieved 7 December 2025. The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS).
  13. ^ Gupta, S. P. (2014). ACCOUNTING FOR MANAGERS. S. Chand Publishing. p. 28. Retrieved 7 December 2025. The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS).
  14. ^ "Comparability in International Accounting Standards—A Brief History". FASB (Financial Accounting Standards Board). Financial Accounting Standards Board. Retrieved 7 December 2025.
  15. ^ Eccles, Robert G.; Soonawalla, Kazbi (July 20, 2022). "The Long and Winding Road to Financial Reporting Standards". Harvard Law School Forum on Corporate Governance. The President and Fellows of Harvard College. Retrieved 7 December 2025.
  16. ^ "Overview of the structure of the IFRS Foundation, IASB, and ISSB". IAS Plus. Deloitte Global. Retrieved 7 December 2025. The IASB replaced the IASC Board of the International Accounting Standards Committee (IASC) with effect from this date. The IASC was formed in 1973.
  17. ^ Epstein, Barry J.; Jermakowicz, Eva K. (2010). WILEY Interpretation and Application of International Financial Reporting Standards. John Wiley & Sons. p. 6. Retrieved 7 December 2025. Also in 2001, it was decided that newly issued standards would be labeled IFRS instead of IAS, and that the entire set of IASC/IASB standards (including the IAS issued until 2001 and the IFRS issued since then) would also be known as IFRS.
  18. ^ Epstein, Barry J.; Jermakowicz, Eva K. (2010). WILEY Interpretation and Application of International Financial Reporting Standards. John Wiley & Sons. p. 6. Retrieved 7 December 2025.
  19. ^ "International Sustainability Standards Board Announced". KPMG. KPMG LLP. November 2021. Retrieved 7 December 2025. The IFRS Foundation announced the creation of a new International Sustainability Standards Board (ISSB) to develop a global baseline of high-quality sustainability disclosure standards.
  20. ^ "IFRS Sustainability Disclosure Standards Guidance" (PDF). PwC. PricewaterhouseCoopers. 2023. Retrieved 7 December 2025. The ISSB standards, IFRS S1 and IFRS S2, require companies to disclose information about their sustainability-related risks and opportunities.
  21. ^ "International Financial Reporting Bulletin 2022/01: 31 December 2021 year-end IFRS update" (PDF). BDO Global. BDO International. January 2022. Retrieved 7 December 2025. This bulletin provides a comprehensive summary of key IFRS developments and pronouncements effective for annual periods ending 31 December 2021.
  22. ^ "IFAC Welcomes IFRS Foundation Constitutional Amendments to Establish a New ISSB". IFAC (International Federation of Accountants). July 22, 2021. Retrieved 7 December 2025. With its independence, good governance, and track record of due process, the IFRS Foundation is uniquely positioned to establish an independent ISSB within existing IFRS governance—comprised of the Monitoring Board, IFRS Foundation Trustees, and IFRS Advisory Council.
  23. ^ Zambelli, Matteo (2025). International Banking Law and Regulation. Taylor & Francis. p. 132. Retrieved 7 December 2025. Under the new terminology, IFRS consist of the combination of accounting standards issued by the IASB and of sustainability-related standards issued by the ISSB.
  24. ^ McPhail, Ken; Stubbs, Wendy; Hall, Richard T. E., eds. (2023). Governance, Stewardship, and Sustainability: The Role of Accounting and Auditing. Routledge. Page 80 (electronic text). Retrieved 7 December 2025. Under the new terminology, IFRS consist of the combination of accounting standards issued by the IASB and of sustainability-related standards issued by the ISSB.
  25. ^ Lee, Ken; Hall, P. C. M. L. S. T. E., eds. (2024). Encyclopedia of International Accounting. Routledge. Page 8 (preliminary pages). Retrieved 7 December 2025. Under the new terminology, IFRS consist of the combination of accounting standards issued by the IASB and of sustainability-related standards issued by the ISSB.
  26. ^ "Issued IFRS Standards". IFRS (International Financial Reporting Standards). IFRS Foundation. Retrieved 7 December 2025.
  27. ^ "IASB Members" IFRS Foundation, 2018.
  28. ^ "IFRS Interpretations Committee" IFRS Foundation, 2018.
  29. ^ "Constitution". IFRS Foundation, 2018.
  30. ^ IFRS Foundation (2020)
  31. ^ "IFRS - Death of Robert P. Garnett, former member of the IASB and Chair of the Interpretations Committee".
  32. ^ "Mary e. Barth".
  33. ^ "G. Gélard : " Un lobbying anti-IFRS de puissants groupes français "". 16 January 2013.
  34. ^ "Accounting Hall of Fame | Warren McGregor". 28 August 2020.
  35. ^ "Tatsumi Yamada | Integrated Reporting".
  36. ^ "Andreas Barckow". IASB. Retrieved 2022年02月28日.
  37. ^ "Due Process Handbook", IFRS Foundation, 2018
  38. ^ "IFRS Foundation funding", IFRS Foundation, 2018
  39. ^ "IFRS Foundation Annual Report 2019" (PDF). IFRS Foundation. Archived from the original (PDF) on 2020年07月23日. Retrieved 2020年08月28日.
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