Introduction to this edition BV2009

Introduction to this edition BV2009 - Introduction to this...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Introduction to this edition Overview The International Accounting Standards Board (IASB), based in London, began operations in 2001. The IASB is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements. In pursuit of this objective, the IASB co-operates with national accounting standard-setters to achieve convergence in accounting standards around the world. The IASB members have a broad range of professional backgrounds and have liaison responsibilities throughout the world. The IASB is selected, overseen and funded by the International Accounting Standards Committee (IASC) Foundation. Financial support is received from the major accounting firms, private financial institutions and industrial companies throughout the world, central and development banks, and other international and professional organisations. Trustees Twenty-two Trustees provide oversight of the operations of the IASC Foundation and the IASB. The responsibilities of the Trustees include the appointment of members of the IASB, the Standards Advisory Council and the International Financial Reporting Interpretations Committee; monitoring the IASB’s effectiveness and adherence to its due process and consultation procedures; establishing and maintaining appropriate financing arrangements; approval of the budget for the IASC Foundation; and responsibility for constitutional changes. The Trustees comprise individuals that as a group provide an appropriate balance of professional backgrounds, including auditors, preparers, users, academics, and other officials serving the public interest. Under the Constitution of the IASC Foundation as revised in 2005 (see below), the Trustees are appointed so that there are six from the Asia/Oceania region, six from Europe, six from North America, and four others from any area, as long as geographical balance is maintained. IASC Foundation’s Constitution The IASC Foundation’s Constitution requires the Trustees to review the constitutional arrangements every five years. The Trustees completed a review and revision of the Constitution in June 2005, and the revised Constitution came into effect on 1 July 2005. In 2008 the Trustees began the next review, with the first part focusing on the creation of a formal link to public authorities to enhance public accountability and considering the size and composition of the IASB. The Trustees concluded the first part of the review in January and issued a revised Constitution for effect from 1 February 2009. The changes included the expansion of the IASB from 14 to 16 members, selected by geographical origins, by 1 July 2012, with an option to include up to three part-time members. The revised Constitution also makes provision for new Monitoring Board to interact with the Trustees. IASB
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

Page1 / 7

Introduction to this edition BV2009 - Introduction to this...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online