Role of international accounting standard board
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The IASB was previously known as the International Accounting Standards Committee (IASC) until April 2001, and it was solely responsible and authoritative to issue international accounting standards. This chapter illustrates the functionality of IASB for international financial reporting. The IASB amended many of the standards, but then began to issue its own standards, which were known as International Financial Reporting Standards (IFRS). The central authority, monitoring board is responsible for overseeing the IFRS Foundation trustees, participating in the trustee nomination process and approving appointments of new trustees. The IASB comprises 16 members that are appointed for a term of three to five years. The IASB has overall responsibility for all technical matters, which include preparing and issuing IFRSs; preparation, and issuance, of exposure drafts; setting up procedures for reviewing comments received on documents that have been published for comment; and issuing bases for conclusions. Each member of the IASB has one vote and the approval of ten members is required for exposure drafts to be issued as discussion or as the final standard.