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:
“If all political power be derived only from Adam, and be to descend only to his successive heirs, by the ordinance of God and divine institution, this is a right antecedent and paramount to all government; and therefore the positive laws of men cannot determine that, which is itself the foundation of all law and government, and is to receive its rule only from the law of God and nature.”
—John Locke (1632–1704)
“The poet needs a ground in popular tradition on which he may work, and which, again, may restrain his art within the due temperance. It holds him to the people, supplies a foundation for his edifice; and, in furnishing so much work done to his hand, leaves him at leisure, and in full strength for the audacities of his imagination.”
—Ralph Waldo Emerson (1803–1882)
“But in every constitution some large degree of animal vigor is necessary as material foundation for the higher qualities of the art.”
—Ralph Waldo Emerson (1803–1882)