Question

List and discuss the characteristics of the International Accounting Standards Board (IASB) that reinforced the importance of an open, transparent and independent process.

Answer 1

Answer:

Based association which searches out to set and implement norms for bookkeeping strategies. At present, in excess of 100 nations require or allow organizations to agree to IASB benchmarks. Besides, IASB is additionally in charge of keeping up the IFRS (International Financial Reporting Standards). The association was gone before by the IASC (International Accounting Standards Committee) being the parent substance.

IASB has progressed in the direction of the execution of Global Accounting principles which is named as International Financial Reporting Standards (IFRS). IASB's present methodology is to more extensive corporate detailing.

Following are the qualities of IASB;

1. Setting up Guidelines: IASB consider and recommend zones in which Accounting Standards should be produced.

2. Significance: Relevant data is fit for having any kind of effect in the choices made by clients. IASB is attempting to equipped for having any kind of effect in choices on the off chance that it has prescient esteem, corroborative esteem, or both.

3. More Transparency: IASB has detailed the IFRS Standards to address this test by giving a high caliber, universally perceived arrangement of bookkeeping measures that bring straightforwardness, responsibility and proficiency to money related markets the world over.

4. Unwavering Representations: Financial data should steadfastly speak to what it indicates to speak to. Dependable portrayal has three attributes: fulfillment, non partnership and opportunity from mistake. This drove the IASB and the US standard-setter, the Financial Accounting Standards Board (FASB), to consider how they could all the more likely pass on its significance. They picked the idea of steadfast portrayal.