International Accounting Standards Board Essay

809 Words 4 Pages
a) IASB stands for International Accounting Standards Board. The IASB is a standard-setting board whose main role is to ‘develop and approves ‘International Financial Reporting Standards’ so that all financial reports and financial statements globally are detailed and can be easily read by all users. With constant regulation and development, it ensures all business’ financial records are formatted the same and easy to transfer information to and from them. To become an IASB member isn’t an easy task. IASB members are appointed through an in-depth process undertaken by the trustees. The trustees have no say in any matters regarding standards, their only role is to govern the IASB.

The first part of the process is the advertisement of the vacant role in the IASB and asking the relevant stakeholder groups for nominations. After the application period has closed it’s up to the IASB Senior Management Team, in conjunction with the nominating committee to draft up a short list of the applicants, which is then approved by the rest of the trustees before contacting the shortlisted to arrange a meeting. During the meeting, the IASB chairman and the Vice-chairman will meet with the candidates for the first time and interview them to find out if the deserve the role of an IASB member. To become an IASB member, you require ‘recent practical experience in setting accounting standards, in preparing, auditing, or using financial reports, and in accounting education’. The nominating…

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