Question

Discuss the functions of International Accounting Standard Board.​

Answer 1

Answer:

The IASB provides support and co-operation to the European Union and the International Organisation of Security Commission. The purposes of the conceptual framework of IASB are such as:

Assist the board of IASB in developments of future International Financial Reporting Standard (IFRS) and the review of its existing IFRSs;

Assist the board of directors in promoting the concept harmonisations of regulations, Accounting Standard, procedures and methods relating to the presentation of financial statements by reducing the number of alternative accounting treatments permitted by IFRS;

Assist the National Standard- setting committees in the developing the National Standards;

Assist the financial statements prepares to apply IFRS while preparing the financial statements;

Assist the auditors to provide an opinion relating to financial statements whether IFRS guideline has complied while preparing the financial statements or not;

Assist the users (investors, creditors, suppliers, employees, etc) of the financial statements in interpreting the information contained in the financial statements prepared in compliance with IFRSs as well as provide those who interested in the work of IASB about its approach to the formulations of IFRSs.

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