What is the Goal of the International Accounting Standards Board (IASB)?
The IASB is a committee with 14 members, from nine different countries, which work to develop global accounting standards. The goal of this committee is to create global standards that are transparent, enforceable, understandable, and of high-quality. These members create the International Financial Reporting Standards (IFRS) that are used by so many countries around the world. Each committee member has one vote for each of the standards that is voted upon and this privately funded group of accounting standards setters are based in London. The Acceptance of IFRS While there are many countries that abide by IFRS, there are still many that do not. Notably, the United States Financial Accounting Standards Board and the Accounting Standards Board (AcSB) of Canada do not adhere directly to IFRS. However, there is a currently a partnership between these and other countries with the IASB to try to coordinate standards that come together. This is an ongoing process, it will not happen overnigh
