Respuesta :
A framework for deriving general principles is the basis of the International Accounting Standards Board use in developing IFRS.
What is International Accounting Standards Board?
- The independent accounting standard-setting body of the IFRS Foundation is called the International Accounting Standards Board (IASB).
- On April 1, 2001, the IASB was established to replace the International Accounting Standards Committee (IASC). International Financial Reporting Standards (IFRS) development and usage promotion fall under its purview.
- The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As the organization was reformed in 2001, it changed the name of the standard-setting body from IASC to IASB, and established a foundation to oversee it, initially known as the IASC Foundation and renamed the IFRS Foundation in mid-2010.
- Also in 2001, it was decided that newly issued standards would be labeled IFRS instead of IAS, and that the entire set of IASC/IASB standards (including the IAS issued until 2001 and the IFRS issued since then) would also be known as IFRS.
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