The International Accounting Standard Board (IASB) which was set up in April 2001 is independent standard-setting body of IFRS foundation. It replaces the International Accounting Standard Committee (IASC) which had been setting International Accounting Standard (IAS) since 1973. At the time of its initiation, the IASB adopted in full all existing IASs and decided that all new standards they developed would be called International Financial Reporting Standards (IFRSs)
Its members (currently 16 full-time members) are responsible for the development and publication of IFRSs including IFRS for SMEs and for approving interpretation of IFRSs as developed by the IFRS Interpretation Committee (formerly called the IFRIC). All meetings of the IASB are held in public and webcast.
In fulfilling 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.