The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation. The International Accounting Standards Board’s mission is to develop enforceable, globally accepted International Financial Reporting Standards (IFRS).
The International Accounting Standard Board currently consists of 14 experts with experience in setting accounting standards, preparing/auditing financial reports and accounting education. Members are appointed by the Trustees of the IFRS Foundation through an open process that includes advertising vacancies and consultingfinancial organizations. Broad geographical diversity among the International Accounting Standard Board members is also required, according to the IFRS Foundation web site.
To develop IFRS, the International Accounting Standard Board works closely with representatives from the finance sector all over the world, including investors, analysts, regulators, business leaders, accounting standard-setters and accountants. The IFRS are developed through an international consultation process, with input from these representatives. There are six stages of IFRS development:
· Setting the agenda
· Planning the project
· Developing and publishing the Discussion Paper, including public consultation
· Developing and publishing the Exposure Draft, including public consultation
· Developing and publishing the Standard
· Procedures after an IFRS is issued
After an IFRS is issued, International Accounting Standard Board members hold regular meetings with interested parties and other standard-setting bodies to discuss any issues related to the new standard’s implementation.