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Definition of

International Accounting Standards Board


organization that sets accounting standards an independent and privately funded standard-setting organization for the accounting profession, based in London. The Board, whose members come from nine countries and a variety of backgrounds, is committed to developing a single set of high quality, understandable, and enforceable global standards that require transparent and comparable information in general purpose financial statements. It also works with national accounting standard setters to achieve convergence in accounting standards around the world.

Related definitions of "International Accounting Standards Board"

Recommended Further Reading (Term count)
  • The LIFO Conundrum: Convergence of US GAAP with IFRS and Its Implications on US Company Competitiveness
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    Since August 2008, when former Securities Exchange Commission (SEC) chairman, Christopher Cox, presented a timeline for public companies to transition away from US GAAP (generally accepted accounting principles) to (IFRS) international financial reporting standards, many executives and policy-makers have been concerned about the implications of the differences between the two standards of reporting. The goal of the SEC and the International...
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    Both the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States highlight the importance of “reliability” as a primary qualitative characteristic necessary to make accounting information useful to users making economic judgments and decisions. Reliability in this context refers to a quality of financial reporting that makes it a verifiable, faithful representation of transactions...

Definitions of ’International Accounting Standards Board’ and meaning of ’International Accounting Standards Board’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’International Accounting Standards Board’ and other financial terms with our online QFINANCE Financial Dictionary.

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