What is the IASB?
The IASB, an abbreviation for International Accounting Standards Board, is the independent standard setting body of the IFRS Foundation responsible for the development of financial reporting standards both in Europe and Internationally.
They are also responsible for issuing International Financial Reporting Standards (IFRS) which offer guidance and rules on the preparation of financial statements.
The FASB and IASB are in discussions to converge IFRSs and US Generally Accepted Accounting Principles (GAAP).
Additional information on the International Accounting Standards Board can be found in our accounting principles tutorial.
For further information see the Wikipedia IASB definition.
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