IASB stands for which organization?

IASB stands for which organization?

• A. International Accounting Standards Board
• B. International Auditing Standards Board
• C. International Accounting Standards Bureau
• D. Institute for Accounting Standards Board

Answer: (A)

IASB stands for International Accounting Standards Board. This is the independent body that develops International Financial Reporting Standards (IFRS) used by many countries for financial reporting. The other options refer to different groups or aren’t real organizations in this context—for example, auditing standards are set by the International Auditing and Assurance Standards Board, which is a separate entity under IFAC, not the IASB. The IASB took over from the older International Accounting Standards Committee, and now issues IFRS, while the older IAS were produced under that predecessor.

IASB stands for International Accounting Standards Board. This is the independent body that develops International Financial Reporting Standards (IFRS) used by many countries for financial reporting. The other options refer to different groups or aren’t real organizations in this context—for example, auditing standards are set by the International Auditing and Assurance Standards Board, which is a separate entity under IFAC, not the IASB. The IASB took over from the older International Accounting Standards Committee, and now issues IFRS, while the older IAS were produced under that predecessor.