Question

What is the International Accounting Standards Board (IASB)? Will it be universally accepted some day?

Answer 1

The IASB was established on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC).International accounting standards board(IASB) is accountable for developing International financial reporting Standards (IFRS), In past referred to as International Accounting Standards (IAS) and promoting the utilization and application of those standards.

IFRS are to be developed by the International Accounting Standards Board (IASB).IASB forms half the three-tier structure used by the IFRS Foundation and is accountable for setting the IFRS and connected technical activities. The IASB is overseen by the Trustees of the IFRS Foundation, accountable for the organisation's governance, the appointment of IASB members and funding.The IASB originally had thirteen full-time Board members, every with one vote.

Yes it would be accepted world wide as the free flow of trade is taking place because of globalisation. Most of countries while formulating their standard then they consider IFRS issued by IASB. Unformity should be there because it makes financial statement comparable and understandable.