_____ refers to an independent, privately funded accounting standard-setter based in London, U.K., that issues International Financial Reporting Standards.

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19-12-2022
Business

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_____ refers to an independent, privately funded accounting standard-setter based in London, U.K., that issues International Financial Reporting Standards.

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Nitin210 Nitin210 · Answer 1 · 2022-12-21T23:02:27-05:00

IASB stands for the International Accounting Standards Board, an independent, privately funded accounting standard-setter with headquarters in London, United Kingdom.

IASB: What is it?

The independent accounting standard-setting body of the IFRS Foundation is called the International Accounting Standards Board (IASB).

On April 1, 2001, the IASB was established to replace the International Accounting Standards Committee (IASC). International Financial Reporting Standards (IFRS) development and usage promotion fall under its purview.

The initial IASB Board consisted of 14 full-time members, each of whom had one vote. They are chosen as a collection of professionals with a variety of experiences in academic work, standard-setting, account preparation and use, market/financial regulation, and academic work across several geographic regions.

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