Briefly define and describe what IASB and IFRS areSolutionIA

Briefly define and describe what IASB and IFRS are.

Solution

IASB stands for international accounting standards board, it a body which governs and sets the accounting principles internationally. Any country can come under this body and follow the set of accounting guidelines set by them. This promotes one set of rules in each country thus promoting transparency and easy to understand finnancial statements.

IFRS stands for International financial reporting standards , are the set of accounting guidelines set by IASB. These accounting principles are not bound by any country. They are same and fair for each country and its country decision to follows IFRS accounting principles or not.