Foundation
On January 25, 2001, the International Accounting Standards Foundation (IASF) was incorporated as a tax-exempt organization in the US state of Delaware. On February 6, 2001, the International Financial Reporting Standards Foundation was also incorporated as a tax-exempt organization in Delaware. The IFRS Foundation is the parent entity of the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, England.
On 1 March 2001, the IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future.
The IASB structure has the following main features: the IFRS Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as a IFRS Advisory Council and the IFRS Interpretations Committee (formerly the IFRIC). The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has responsibility for setting International Financial Reporting Standards (international accounting standards).
Read more about this topic: International Accounting Standards Board
Famous quotes containing the word foundation:
“[The Settlement House] must be grounded in a philosophy whose foundation is on the solidarity of the human race, a philosophy which will not waver when the race happens to be represented by a drunken woman or an idiot boy.”
—Jane Addams (1860–1935)
“The foundation of humility is truth. The humble man sees himself as he is. If his depreciation of himself were untrue,... it would not be praiseworthy, and would be a form of hypocrisy, which is one of the evils of Pride. The man who is falsely humble, we know from our own experience, is one who is falsely proud.”
—Henry Fairlie (1924–1990)
“The foundation of empire is art & science. Remove them or degrade them, & the empire is no more. Empire follows art & not vice versa as Englishmen suppose.”
—William Blake (1757–1827)