The International Accounting Standards Board, typically abbreviated IASB, is the organization that establishes international financial reporting standards or IFRS that are accepted throughout the world. You can think of the IASB as the international FASB that creates accounting principles and standards like GAAP on an international level.
Explanation :
The IASB consists of 14 members from various countries with different backgrounds in accounting, finance, and auditing. Each time the members meet, the meeting is broadcast live over a webcast, so the public can see where the future of international accounting standards is heading.
In a nutshell :
- The IASB allows you to review financial documents from foreign companies that you may want to invest in or at least establish relations with because you are all working under the same set of accounting principles.
- IASB’s Objective to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.
- Also to promote the use and rigorous application of those standards.
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