Page 192 - F1 - AB Integrated Workbook STUDENT 2018-19
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Chapter 12
4.3 The role of the IASB
The IASB is an independent standard-setting body which is based in London. It has
14 members from nine countries.
The IASB’s aims are:
to develop a single set of high quality, understandable and enforceable global
accounting standards; and
to co-operate with national accounting standard-setters to achieve convergence
in accounting standards around the world.
Standards produced by the IASC, the forerunner to the IASB, are called International
Accounting Standards (IASs). Standards produced by the IASB are called
International Financial Reporting Standards (IFRSs). Collectively, these are
international accounting standards.
4.4 Regulation within the UK
Accounting standards in the UK are written by the FRC (Financial Reporting
Council).
One of its subsidiary committees – the ASB (Accounting Standards Board)
controls the creation of UK accounting standards, known as Financial Reporting
Standards (FRSs).
The FRC is then broken down into a number of other committees, including:
Auditing Practices Board (APB)
The Professional Oversight Board
The Financial Reporting Review Board
The Accounting and Actuarial Disciplinary Board
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