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International Accounting Standards Board (IASB)

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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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On June 18, the International Accounting Standards Board (IASB) announced that it was beginning field testing of its proposal on the accounting for small and medium-sized entities (SMEs) that had been issued earlier this year.
and the International Accounting Standards Board (IASB) in London, published a first draft of a framework to develop a single, uniform method for financial reporting.
The cross-fertilization that's going on is the result of an agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to make their existing financial reporting standards compatible with each other to better respond to the complexity of the world's markets (See "The Urge to Converge," page 70).
 
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