IASB: Definition

The International Accounting Standards Board (IASB) functions as the autonomous body responsible for setting accounting standards within the framework of the IFRS Foundation. The IASB comprises a group of independent experts with a balanced blend of recent practical experience in crafting accounting standards, engaging in financial report preparation, auditing, or utilising financial reports, as well as possessing a background in accounting education. The duties of IASB members encompass the development and publication of IFRS Accounting Standards, including the IFRS for SMEs Accounting Standard. Additionally, the IASB holds the authority to sanction Interpretations of IFRS Accounting Standards as formulated by the IFRS Interpretations Committee (previously known as IFRIC).