International Accounting Standards Board

About the IASB

1. International Accounting Standards Board ®

2. International Accounting Standards Board

3. 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. What is the IASB

4. What Does IASB Mean? 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 what where the future of international accounting standards is heading.

5. About the IASB The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs). The IASB operates under the oversight of the IFRS  Foundation. The IASB was formed in 2001 to replace the International Accounting Standards Committee (IASC). A full history of the IASB and the IASC going back to 1973 is available on the IASB website. Currently, the IASB has   14 members.

6. The IASB's Role Under the IFRS Foundation Constitution, the IASB has complete responsibility for all technical matters of the IFRS Foundation including: Full discretion in developing and pursuing its technical agenda, subject to certain consultation requirements with the Trustees and the public The preparation and issuing of IFRSs (other than Interpretations) and exposure drafts, following the due process stipulated in the Constitution The approval and issuing of Interpretations developed by the IFRS Interpretations Committee.

7. IASB - Objective … is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in financial statements …

8. Independent Standard Setting Private funded No political influence Independent board members All board meetings in public An elaborated due process

9. Constitutional Review Major Issues Number/geographical spread of Trustees Trustee oversight of process Board composition Agenda setting Approval of standards

10. IASB Board requirements Effective from 1 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 procedures 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.

11. Geographical balance To ensure a broad international diversity, the constitution requires four members from the Asia/Oceania region; four from Europe; four from the Americas; one from Africa; and one appointed from any area, subject to maintaining overall geographical balance

12. Board member qualifications The main qualification for membership is professional competence and practical experience. The group is required to represent the best available combination of technical expertise and diversity of international business and market experience .

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 countries

14. Current IASB members The table below summarizes the current composition of the IASB.

15. Board member Term began Term ends * Region Chairs Hans Hoogervorst   (Chair) July 2011 June 2021 'At large' Sue Lloyd   (Vice-Chair) January 2014 December  2023 'At large' Members Nick Anderson September 2017 August 2022* Europe Martin Edelmann July 2012 June 2021 Europe Tadeu Cendon July 2019 June 2024* Americas Françoise Flores January 2017 December 2021 * Europe Jianqiao Lu August 2017 July 2022* Asia-Oceania Gary Kabureck April 2013 June 2022 Americas Darrel Scott October 2010 June 2020 Africa Tom Scott April 2017 March 2022* Americas Chungwoo Suh July 2012 June 2022 Asia-Oceania Rika Suzuki July 2019 June 2024* Asia-Oceania Ann Tarca July 2017 June 2022* Asia-Oceania Mary Tokar January 2013 June 2022 Americas * Indicates the person is eligible for reappointment