I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

Financial Reporting Standards (IFRSs).  

IFRSs are produced by the International Accounting Standards Board (IASB).  

 

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   The International Accounting Standards Board (IASB) 

The IASB develops IFRSs. The main objectives of the IFRS Foundation are to raise the standard of 

financial reporting and eventually bring about global harmonisation of accounting standards.  

The International Accounting Standards Board (IASB) is an independent, privately funded body that 

develops and approves IFRSs.  

Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003 IFRS 1 was 

issued and all new standards are now designated as IFRSs. Therefore IFRSs encompass both IFRSs, and 

IASs still in force (eg IAS 7). 

 

The members of the IASB come from several countries and have a variety of backgrounds, with a mix of 

auditors, preparers of financial statements, users of financial statements and academics.  

The IASB operates under the oversight of the IFRS Foundation.  

 IMPORTANT 

Throughout this Interactive Text, we will use the abbreviation IFRSs to include both IFRSs and IASs.

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