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).
For Sustainability Managers
Understanding IASB helps you select the right frameworks and meet evolving disclosure requirements.
For CFOs
IASB directly impacts financial planning, risk exposure, and regulatory compliance costs.
For Sustainability Reporting
IASB is a core element of sustainability reporting that auditors and regulators expect to see addressed.
Related Terms
1.5°C
The Paris Agreement commits countries to limit global warming to well below 2°C above pre-industrial levels, with an even more ambitious target of 1.5°C to avert severe climate changes. Achieving the 1.5°C trajectory necessitates halving emissions by 2030 and reaching net-zero emissions by 2050.
AASB
The Australian Accounting Standards Board (AASB) is a government agency in Australia responsible for developing and maintaining financial reporting standards applicable to entities in both the private and public sectors of the Australian economy. This includes the development of accounting and external reporting standards and guidance related to sustainability-related financial information, which is aligned with principles, caters to external report users' needs, and can be subject to assurance and enforcement.
Accreditation
Accreditation refers to the procedure through which an official acknowledgment is bestowed upon a certification body or organisation, affirming their competence and ability to carry out certification assessments that are both valid and dependable. Normally, accreditation is provided by an acknowledged accreditation entity that assesses the certification body's procedures, proficiency, and adherence to global standards.
Assurance
Trust is of paramount importance in any industry. However, there are occasions when changes or questions arise, prompting managers, owners, and other stakeholders to verify the validity of an organization's business processes and adherence to governance standards. To obtain this information, they may request a review from a firm that offers assurance services. Assurance reporting summarises the results of this evaluation, determining whether the organisation has successfully met the assurance objective.
CDSB
The Climate Disclosure Standards Board (CDSB) was an international consortium of entities dedicated to aligning the global corporate reporting model by equating natural and social capital with financial capital. The CDSB has now merged into the IFRS Foundation, integrating into the ISSB, with its resources remaining accessible through its legacy website.