International Accounting Standard Board(IASB) - Structure

International Accounting Standard Board(IASB) - Structure

1. International Accounting S tandard B oard(IASB) - S tructure . Gowthami M D 1st Year Mcom Under the guidance of Sundar B. N. Asst. Prof. & Course Co-ordinator GFGCW, PG Studies in Commerce Holenarasipura

2. Contents History of International accounting standard board IASB restructuring IASB structure Staff at IASB Conclusion Reference (bibliography)

3. History of International accounting standard board. IASB effective from 1st December 2016, IASB normally has 14 board members, of whom one is appointed as chair and one as vice - chair. IASB members are appointed for an initial term of five years. Terms are may be renewable once for a further term of three years, with the possibility of renewal up to a maximum of five years, in line with procedure developed by the Trustees for such renewals, however,the terms may not exceed 10 years in total length of service as a member of the Board.

4. The IASB replaced the IASC Board of the International accounting standard committee with effect from this date. The IASC was formed in 1973. Formed June 29,1973 by representative from 9 countries and headquartered in London. All listed companies must use IFRS beginning January 1, 2005 (Now!!!) con....

5. International accounting standard board Restructuring Restructured April 1, 2001 IASB is an independent organization with two main bodies Trustees Board Trustees 19 highly respected experienced members Main duties Appoint board, committee and council members Exercise oversight of board Raise funds

6. Board Sole responsibility for setting accounting standard. 12 full time,2 part-time, paid each one voting members. Have best available combination of technical skills and international business experience. Also has a standard Advisory Council (about 50 members), miscellaneous Advisory Committees and an International financial reporting interpretations committee (12 members appointed by the foundation).

7. Structure of IASB.

8. Monitoring Board. The primary purpose of the Monitoring Board provides a mechanism for formal interaction between capital markets authorities responsible for the form and content of financial reporting and the IFRS Foundation (IFRSF). In particular, it assures public accountability of the IFRSF through a formal reporting line from the IFRSF through a formal reporting line from the IFRSF Trustees to Monitoring Board. review the Trustees' oversight of the IASB'S standard setting process. In particular,with respect to it's due process arrangements.

9. IFRS Foundation The IFRS Foundation has a three governance structure. Based on an independent standard setting board of experts international accounting standard board governed and overseen by Trustees from around the world .Trustees are appointed for a renewable term of three years. Who in turn are accountable to a Monitoring board of public authorities. Main objective of IFRS Foundation is to prepare a set of high quality standards and it performs via IASB

10. International accounting standard board Well that is our main sub - structure. That is the body that prepares and issues standards after the long and tough standard setting process.It consists of 16 members. Current chairman sir David Tweedy will leave this July and he will be replaced by Mr.Hans Hoogervorst. They are appointed by Trustees for an initial term of 3-5 years. Chairman automatically becomes a Chief Executive of IFRS Foundation,responsible team of Foundation.

11. IFRS Interpretations Committee IFRS interpretations committee is appointed by Trustees and serves to interpret existing standards and to give guidance.They develop IFRICs and SECs which are later approved and issued by IASB.

12. IFRS Advisory Council. IFRS Advisory Council is again appointed by Trustees and serves as a body that gives advice to both IFRS Foundation and IASB. Once there is a standard setting process or another major project, Meanwhile IASB forms Working groups that serve as minor advisory Councils providing their advice and views on agenda projects.

13. Staff at IASB In addition to the 14 Board members there are currently ; 25 technical and education staff. 23 operations, commercial, translation and publications staff. - from 12 contries.

14. IASB have conceptual frameworks that have their advantages if they continue as seperate standard boards.The accounting society however, will be benefited if they were to join because that will enhance the consistency of accounting principles. Since 2006, the IASB has moderated it's previous apparent preference for the FV view.

15. Bibliography. Google IASB structure (Retrieved from, https://dipifr-blog.blogspot.com/iasb-staucture) Date:- 04 - June - 2011.