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Financial statements publicly declare to the stakeholders, owners, investors and the public at large, the essential financial information of a company. If each company and region were to use their own methods for preparing financial statements, they would be difficult to be globally understood. International financial standards are essential to enforcing uniformity in the preparation of financial statements so that companies globally can understand each other’s financial documents and statements. The IASB is an organization that is tasked with the job of developing and popularizing an international set of accounting standards. The standards developed by the IASB have been accepted by a majority of countries since 2001.
The IASB full form is International Accounting Standards Board which is an independent international standard-setting organization based in London. The International Financial Reporting Standards (IFRS) developed by the IASB replaced the previously used International Accounting Standards (IAS) in 2001. International accounting is a branch of accounting that balances books in line with international accounting standards.
While the IFRS replaced the IAS in 2001 in most countries, the US, China and Japan are notable for not being a part of the IFRS mandate. However, in the US, the accounting board has been collaborating with the Financial Accounting Standards Board to bring the American accounting principles (GAAP) and IFRS5 closer to each other.
IASB is a private, independent, body that works to develop and approve IFRS. The IASB works under the IFRS Foundation. Before 2001, this function was performed by the International Accounting Standards Committee (IASC) which was then replaced by the IASB.
The IFRS Foundation is a public interest organization that does not work for a profit. Its mission is to evolve understandable, quality accounting and sustainability disclosure standards that are easily applicable and accepted globally. The IFRS has two boards:
The IASB now has 14 board members. The board is to always be made up of a geographically diverse group of members. The constitution mandates membership as follows:
The IASB is the board that is set up under the IFRS Foundation Constitution to develop and enforce all the financial reporting-related methods and technicalities. Its role includes the following subject to the constitution of the IFRS Foundation and in consultation and with the approval of the board:
International Accounting Standards Board,
7 Westferry Circus,
London E14 4HD,
Phone: +44 (0)20 7246 6410
Fax: +44 (0)20 7246 6411
Compliance with international standards is essential for businesses to be able to understand each other’s final statements and reports. International business is easier when all the companies speak the same accounting language. TallyPrime is fully compliant with the IFRS standards released by the IASB so that all the aspects of a business’ accounting are in line with the standards. So, when a business using TallyPrime sends a report to another company, there is no extra effort required to enforce compliance. TallyPrime also makes the books of accounting compliant with local rules and regulations for easy filing of taxes and other levies.
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