Question:

What is the International Accounting Standards Board (IASB)? What does it do? Why was it created? Is it effective? What suggestions for improvement do you have?

Answer:

The International Accounting Standards Board (IASB) which was founded on April 1, 2001, is an independent standard-setting body of the International Financial Reporting Standards (IFRS) Foundation. IASB is a successor to the International Accounting Standards Committee (IASC). The new name for IASC is IFRS which was issued after 2001. IASB is responsible for the development and publication of IFRSs and promoting the application and use of these standards. It also approves Interpretations of IFRSs which is developed by the IFRS Interpretations Committee (IFRIC).

Meetings of IASB are held in public and webcast....