Comparison of Accounting Standards of FASB and IASB Research Paper

Comparison of Accounting Standards of FASB and IASB - Research Paper Example The International Accounting Standards Board (IASB) is an independent body in the private sector. It develops and approves International Accounting and Financial Reporting Standards. The International Accounting Standards Board (IASB) functions under the International Financial Reporting Foundation oversight. It was formed in 2001 in replacement of the International Accounting Standards Committee. International Accounting Standards Board (IASB), under the constitution of International Financial Reporting Foundation, has a full responsibility for all technical issues of the financial reporting standards such as: preparation and issuing the interpretations of exposure drafts and International Financial Reporting Standards, full discretion in pursuing and developing technical agenda dependent on requirements of consultation with the public and trustees, the issuing and approval of interpretations by the International Financial Reporting Standards Interpretations Committee.