The International Accounting Standards Board (IASB) is the independent standard-setting body of the International Financial Reporting Standards (IFRS) Foundation. Its members are responsible for the development and publication of IFRS, including the IFRS for SMEs and for approving Interpretations of IFRS as developed by the IFRS Interpretations Committee. All meetings of the IASB are held in public and webcast. In fulfilling its standard-setting duties, the IASB follows a thorough, open and transparent due process of which the publication of consultative documents, such as discussion papers and exposure drafts, for public comment is an important component. The IASB engages closely with stakeholders around the world, including investors, analysts, regulators, business leaders, accounting standard-setters and the accountancy profession.
The IFRS Interpretations Committee is the interpretative body of the IASB. It comprises voting members appointed by the Trustees and is drawn from a variety of countries and professional backgrounds. The mandate of the IFRS Interpretations Committee is to review on a timely basis widespread accounting issues that have arisen within the context of current IFRS and to provide authoritative guidance (IFRIC) on those issues. The meetings of the IFRS Interpretations Committee are open to the public and webcast. In developing interpretations, the IFRS Interpretations Committee works closely with similar national committees and follows a transparent, thorough and open due process.
Please refer to www.ifrs.org for more information and copies of International Accounting Standards (IAS) and IFRS.