International Accounting Standards Board (IASB)
Accounting glossary · Understand, connect, apply
The International Accounting Standards Board (IASB) is the independent standard-setting board within the IFRS Foundation responsible for IFRS Accounting Standards.
Example
A reporting question about IAS 2 Inventories concerns a standard maintained within the IASB’s framework.
Remember the difference
The IASB develops standards; adoption and enforcement are decisions made by relevant jurisdictions and regulators.
Examples are simplified for learning. Where a term depends on US law, IFRS, US GAAP or a historical rule, check the context explained above and the requirements relevant to your course.
Study references: OpenStax financial accounting and managerial accounting. For reporting requirements, consult the applicable IFRS Standards or FASB guidance. US tax terms should be checked against the relevant tax-year IRS instructions.
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