International Accounting Standards Board From Wikipedia, the free encyclopedia The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation.[1] The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued after 2001), and promoting the use and application of these standards. Contents 1 Foundation 2 Members 2.1 Chairmen 3 Due process 4 Funding 5 See also 6 References 7 External links Foundation On December 31, 2001, the International Accounting Standards Foundation (IASF) was incorporated as a tax-exempt organization in the U.S. state of Delaware.[2] On February 6, 2001, the International Financial Reporting Standards Foundation was also incorporated as a tax-exempt organization in Delaware.[3] The International Accounting Standards Board (IASB) is the parent entity of the IFRS Foundation, an independent accounting standard-setter based in London, England.[4] On 1 March 2001, the IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future. The IASB structure has the following main features: the IFRS Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as an IFRS Advisory Council and the IFRS Interpretations Committee (formerly the IFRIC). The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has responsibility for setting International Financial Reporting Standards (international accounting standards). Members The IASB has 16 full-time Board members, each with one vote. They are selected as a group of experts with a mix of experience of standard-setting, preparing and using accounts, and academic work.[5] At their January 2009 meeting the Trustees of the Foundation concluded the first part of the second Constitution Review, announcing the creation of a Monitoring Board and the expansion of the IASB to 16 members and giving more consideration to the geographical composition of the IASB. The IFRS Interpretations Committee has 14 members. Its brief is to provide timely guidance on issues that arise in practice.[1] A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final "IFRIC" Interpretation. The Board's 2008 Due Process manual stated that approval by nine of the members is required.[6] The members (as of July 2012) are:[5] Hans Hoogervorst (Chairman), Netherlands, former Minister of Health, Minister of Finance Ian Mackintosh (Vice-chairman), New Zealand, former Coopers & Lybrand, Chief Accountant Australian Securities and Investments Commission Stephen Cooper, UK, UBS Investment Research Phillipe Danjou, France, former Arthur Andersen, AMF (Financial Markets Authority of France) Martin Edelmann, former Group Reporting at Deutsche Bank AG Jan Engström, Sweden, former Volvo Group Patrick Finnegan, USA, formerly of the CFA Institute Gary Kabureck, Sue Lloyd, Amaro Luiz de Oliveira Gomes (Brazil) Patricia McConnell, USA, formerly of Bear Stearns Takatsugu Ochi (Japan) Darrel Scott Mary Tokar Chungwoo Suh (Korea Republic) Zhang Wei-Guo, China, former Professor in Shanghai, China Acc. Standards Committee Former IASB members include James J. Leisenring, Robert P. Garnett, Mary Barth, David Tweedie, Gilbert Gélard, Warren McGregor, and Tatsumi Yamada. Chairmen On July 1, 2011, Hans Hoogervorst succeeded David Tweedie as Chairman. David Tweedie had served as the Board's Chairman since its creation in 2001.[7] Due process The IASB Handbook describes the consultative arrangements of the IASB.[6] The Board also publishes a brief guide on how standards are developed.[8] Funding The IFRS Foundation raises funds for the operation of the IASB.[8] Most contributors are banks and other companies which use or have an interest in promoting international standards. In 2008, American companies gave £2.4m, more than those of any other country. However, contributions fell in the wake of the financial crisis of 2007–2010, and a shortfall was reported in 2010.[9] See also Philosophy of Accounting Bank regulation References ^ Jump up to: a b IFRS Foundation, 2012. About the IFRS Foundation and the IASB. Retrieved on April 28, 2012. Jump up ^ File No. 3348349 Jump up ^ File No. 3353113 Jump up ^ http://www.iasb.org, 6 Febr 2007 ^ Jump up to: a b [1] ^ Jump up to: a b Due Process Handbook, IASB, 2008 Jump up ^ A Welcome from the incoming Chairman of the IASB, IFRS, 01 July 2011 ^ Jump up to: a b Who we are and what we do, IASB, July 2010 Jump up ^ Lehman collapse contributed to IASB funding issues, Accountancy Age, 6 Apr 2010