What is the full form of IASB?

What is the full form of IASB?

• A. International Audit Standards Board
• B. International Accounting Standards Board
• C. International Association for Standards in Business
• D. Institute for Accounting Standards Board

Answer: (B)

The main concept is knowing the full form of IASB. It stands for International Accounting Standards Board, the main body that sets accounting standards used in many countries through IFRS. It operates under the IFRS Foundation and took over from the International Accounting Standards Committee in 2001 to develop and promote International Financial Reporting Standards. The other options don’t match the official name or scope—an auditing standards board exists under a different organization, and the remaining names are not the recognized title of the IASB.

The main concept is knowing the full form of IASB. It stands for International Accounting Standards Board, the main body that sets accounting standards used in many countries through IFRS. It operates under the IFRS Foundation and took over from the International Accounting Standards Committee in 2001 to develop and promote International Financial Reporting Standards. The other options don’t match the official name or scope—an auditing standards board exists under a different organization, and the remaining names are not the recognized title of the IASB.