International Accounting Standards Board (IASB)

  

Definition

A London-based organization which seeks to set and enforce standards for accounting procedures. Over 100 countries currently require or permit companies to comply with IASB standards. It is responsible for maintaining the International Financial Reporting Standards (IRFS). The organization was preceded by the International Accounting Standards Committee (IASC). See also Generally Accepted Accounting Principles (GAAP).

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