International Accounting Standards Board ( Iasb )

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International Accounting Standards Board (IASB) The international Accounting Standards Board (IASB) is an independent, private sector that develops and approves the body of the International Financial Reporting Standards (IFRS). The IASB manages and controls the IFRS foundation. The IASB has a group of 14 members who operates and manages the IFRS through daily meetings, community engagements, and speeches about the IFRS. These members are experts in accounting standards, preparing, auditing, financial reporting, and accounting education. Each member of the IASB covers each geographical area including North and South America, Europe, Asia, and Africa. IASB has been delegated many roles and responsibilities to operate the IFRS. They…show more content…
The Financial Accounting Standards Board is the independent and private sector that establishes financial accounting and reporting standards for public, private, and not for profit organizations that follow guidelines of the Generally Accepted Accounting Principles. For example, the Security Exchange Commission (SEC) follows the standards set forth by the FASB. FASB is also recognized by the Boards of Accountancy and the American Institute of CPAs. The FASB also works with the Governmental Accounting Standards Board (GASB), The FAF Management and FAF Trustees to provide useful and informational tools to investors to better their accounting standards and ensure their financial reports are comprehended correctly. The FASB also include seven board members and advisory board. The Advisory board members share their views and experiences on multiple topics such as: The Board agenda, implementation of new standards, and strategic planning. The FASB Advisory board members provide resources to the FASB and its staff that include: • Financial Accounting Standards Advisory Council • Investor Advisory Committee • Not for profit Advisory Committee • Small Business Advisory Committee • Private Company Council • Emerging Issues Task Force After reviewing the strategic plan on the FASB website, they identify four key factors that are used to
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