Question

Which organization creates international accouting standards?

  

FASB

   

IFRS

   

IASB

   

SEC

Answer 1

IFRS is The organization creates international accounting standards.

The international accounting standards (IAS) were an older set of standards stating how particular types of transactions and other events should be reflected in financial statements. In the past, international accounting standards were issued by the Board of the International Accounting Standards Committee (IASC); since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB). Although IASC has no authority to require compliance with its accounting standards, many countries require the financial statements of publicly-traded companies to be prepared in accordance with IAS.

FASB

The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest.

About the International Accounting Standards Board (Board). The Board is an independent group of experts with an appropriate mix of recent practical experience in setting accounting standards, in preparing, auditing, or using financial reports, and in accounting education. Broad geographical diversity is also required.

SEC

This is U.S. Securities and Exchange Commission, an independent agency of the United States federal government.