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:
“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)
“Surrealism is not a school of poetry but a movement of liberation.... A way of rediscovering the language of innocence, a renewal of the primordial pact, poetry is the basic text, the foundation of the human order. Surrealism is revolutionary because it is a return to the beginning of all beginnings.”
—Octavio Paz (b. 1914)
“But I hate things all fiction ... there should always be some foundation of fact for the most airy fabric—and pure invention is but the talent of a liar.”
—GGeorge Gordon Noel Byron (1788–1824)