International Accounting Standards Board

The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation, responsible for developing International Financial Reporting Standards and promoting their consistent use and application worldwide. It was established on 1 April 2001 as successor to the International Accounting Standards Committee, which had issued International Accounting Standards since 1973; both sets of standards together are now referred to collectively as IFRS. The Board operates with technical independence from the trustees of the IFRS Foundation, who provide its governance and funding, and its standards are required or permitted in more than 140 jurisdictions.