International Accounting Standards Board


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International Accounting Standards Board (IASB)

The group that creates and issues the International Financial Reporting Standards (IFRS). It is the successor to the IASC (International Accounting Standards Committee,) which created the IAS (International Accounting Standards).

International Accounting Standards Board (IASB)

A privately funded, London-based organization whose goal is to establish a single set of enforceable global financial reporting standards. The IASB was originally formed in 1973 as the International Accounting Standards Committee.
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At a joint meeting in September 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) entered into a memorandum of understanding (www.
The paper was designed to further the proposition that International Valuation (appraisal) Standards should assist in the consistent application of International Financial Reporting (accounting) Standards promulgated by the International Accounting Standards Board.
Boards, Chairman Herz also served as a part-time member of the International Accounting Standards Board (IASB).
The International Accounting Standards Board published for public comment an exposure draft on the accounting for hedging activities.
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has appointed Hans Hoogervorst as chairman and Ian Mackintosh as vice-chairman of the IASB.
The International Accounting Standards Board and the Financial Accounting Standards Board on Sept.
May 19 /PRNewswire/ -- The governing Council of the American Institute of Certified Public Accountants voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles.
The FASB and International Accounting Standards Board (IASB) have reached differing conclusions on certain issues.
The invitation is part of a joint project through which FASB and the International Accounting Standards Board are working to converge and improve their respective guidance frameworks, which FASB's staff believes do not adequately address either probability or uncertainty related to assets and liabilities.
Debate between the London-based International Accounting Standards Board and insurance trade groups, and between both and the European Commission--the EU's executive body--heated up last year to the point where, early this year, the IASB decided to put off bringing insurance contracts into the fold until it has time to explore more fully the implications of IFRS for insurers.
This month, the FASB and International Accounting Standards Board (IASB) announced a new international working group to reconsider their standards on lease accounting, with a first meeting scheduled for February 2007.
The International Accounting Standards Board has published for public comment its proposed changes to the accounting for financial liabilities.

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