Primary navigation:

QFINANCE Quick Links
QFINANCE Topics
QFINANCE Reference
Add the QFINANCE search widget to your website

Home > QFINANCE Dictionary > Definition of International Accounting Standards Board

Definition of

International Accounting Standards Board

Accounting

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
    by William C. White IV
    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...
  • International Financial Reporting Standards (IFRS): The Basics
    This checklist provides a snapshot of the IFRS—International Financial Reporting Standards—and its growing global significance.
  • The Rationale of International Financial Reporting Standards and Their Acceptance by Major Countries
    by Véronique Weets
    Why Financial Reporting Needs to Be HarmonizedAlthough basic accounting principles such as the accrual basis and the going-concern assumption are widely accepted, the application of these principles in different economic and cultural environments has led to significant differences in how accountants report similar transactions. Local differences exist in, for example, the treatment of goodwill, the definition of a group, treatment of borrowing...
  • What Are the Leading Causes of Financial Restatements?
    by Todd DeZoort
    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.

Back to top