ACCA BT Syllabus C. Business Functions, Regulation and Technology - International Accountancy Professions - Notes ^{3 / 10}

The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRS).

The IASB operates under the oversight of the International Accounting Standards Committee Foundation (IASCF).

The international accountancy profession regulates itself through the International Accounting Standards Board (IASB).

A new standard starts life as Discussion Paper (DP).

The IASB assigns a working group to develop a new standard, following input from the Standards Advisory Council (SAC) and produces a first draft with some points for discussion.

This is then made available for public comment.

The views expressed on the Discussion Paper (DP) are taken into account in producing the next draft, known as Exposure Draft (ED).

Again public comment is invited.

Finally, an IFRS is issued.

The IFRS may later be amended if necessary.

The objectives of the IASB are:

Under the IASCF Constitution, the objectives of the IASB are:

1. to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world's capital markets and other users make economic decisions

2. to promote the use and rigorous application of those standards; and

3. in fulfilling the objectives associated with (a) and (b), to take account of, as appropriate, the special needs of small and medium-sized entities and emerging economies; and

4. to bring about convergence of national accounting standards and International Accounting Standards and International Financial Reporting Standards to high quality solutions

5. to promote consistency in corporate reporting by creating financial reporting standards