What is IASBs area of authority? Why is it commenting on the topic of lease accounting?
The IASB consists of 14 members from various countries with different backgrounds in accounting, finance, and auditing. Each time the members meet, the meeting is broadcast live over a webcast, so the public can see what where the future of international accounting standards is heading.
Before anything can happen, the board has to present a topic that needs to be addressed. Once a standard topic is presented the six steps begin.
First, the board has to set an agenda to research information about the proposed standards to see how would affect industries and financial markets. Second, a plan must be put in place to preform the research and identify the partners that will help with the project.
After limited research is done on the new proposed standard a discussion paper is created and published, so the public can understand the topics that the board is dealing with and start to develop their own opinions.
The discussion papers are usually a broad overview of a general topic. No specific standards are mentioned.
Fourth, an exposure draft is published by the board to make the public aware of the actual proposed accounting standards. The exposure draft encourages the public to voice their opinion to the board about how the proposed standard would affect them if it were instituted.
Fifth, the board develops the standard and the publication that will announce the standard to the public when it is ready. Sixth, the IFRS standard is issued to the public and the members of the board hold meetings with the public to address new issues arising from the newly instituted standards.Auditing Standards Board Emerging Issues Task Force (EITF) Decision-usefulness FASB Staff Positions The arm of the AICPA that had been responsible for developing auditing standards.
The Public Company Accounting Oversight Board, established by the Sarbanes-Oxley Act, now oversees the development of auditing standards. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: ), and is registered as an overseas company in England and Wales (reg no: FC).
An international organization formed in by an agreement between the accounting bodies of countries that developed and promoted the use of the International Accounting Standards (IAS).It was succeeded by the International Accounting Standards Board (IASB).
Oct 22, · The International Accounting Standards Board is the independent, accounting standard-setting body of the IFRS Foundation. The IASB was founded on . The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs).
The IASB operates under the oversight of the IFRS Foundation. International Accounting Standards Board (IASB) The IASB is the independent standard-setting body of the IFRS Foundation responsible for the development and publication of IFRSs and for approving Interpretations of IFRSs as developed by the IFRS Interpretations Committee.