Comparison Betweeen Types of Company

In: Business and Management

Submitted By nrdahlan
Words 510
Pages 3
n April 2001, the International Accounting Standards Committee Foundation (IASCF) was formed as a not-for-profit corporation incorporated in the US state of Delaware. The IASC Foundation is the parent entity of the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, England.[1]

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 IASC Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as a Standards Advisory Council and the International Financial Reporting Interpretations Committee. 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).
[edit] IASB Members

The IASB has 15 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.[2] At their January 2009 meeting the Trustees of the IASC 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.

There is also the IFRS Interpretations Committee (IFRIC), which has 14 members.[3]

A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final IFRIC Interpretation. The approval by nine of the IASB’s fifteen members…...

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