According to the Foundation, their mission statement is to "develop IFRS® Standards that bring transparency, accountability and efficiency to financial markets around the world. Our work serves the public interest by fostering trust, growth, and long-term financial stability in the global economy." IFRS Standards are developed by the International Accounting Standards Board, the independent standard-setting body of the IFRS Foundation. The IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee, on March 1, 2001. This was the culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future. Taco The IASB forms part of the three-tier structure employed by the IFRS Foundation and is responsible for setting the IFRS Standards and related technical activities. The IASB is overseen by the Trustees of the IFRS Foundation, responsible for the organisation's governance, the appointment of IASB members and funding. The IFRS Foundation is publicly accountable to a Monitoring Board of capital market authorities.
Members
The IASB originally had 14 full-time Board members, each with one vote. They are selected as a group of experts with a mix of experience of standard-setting, preparing and using accounts, market/financial regulation and academic work as well as from diverse geographical backgrounds. At their January 2009 meeting, the Trustees of the Foundation concluded the first part of the second Constitution Review, announcing the creation of a Monitoring Board and the expansion of the IASB to 16 members and giving more consideration to the geographical composition of the IASB. After the Trustees’ Review of Structure and Effectiveness in 2015, the number of members were in 2016 again set to 14 members. The IFRS Interpretations Committee has 15 members. It is the IASB’s interpretative body and its brief is to provide timely guidance on application issues that arise in practice. A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final "IFRIC" Interpretation. The Board's 2016 Constitution states that the publication of an Exposure Draft, or an IFRS Standard shall require approval by eight members of the Board, if there are 13 members or fewer, or by nine members if there are 14 members. Other decisions of the Board, including the publication of a Discussion Paper, shall require a simple majority of the members of the Board present at a meeting that is attended by at least 60 per cent of the members of the Board, in person or by telecommunications. As of December 2018, the members included:
Former IASB members include James J. Leisenring, Robert P. Garnett, Mary Barth, David Tweedie, Gilbert Gélard, Warren McGregor, and Tatsumi Yamada.
Chairmen
On July 1, 2011, Hans Hoogervorst succeeded David Tweedie as Chairman. David Tweedie had served as the Board's Chairman since its creation in 2001.
Due process
The IASB Due Process Handbook describes the consultative arrangements of the IASB, and includes information on how standards are developed.
Funding
The IFRS Foundation raises funds for the operation of the IASB. The majority of the funding is voluntary contributions from jurisdictions that have put in place national financing regimes. The contribution is normally a percentage of the total gross domestic product of all contributing jurisdictions. In 2017, 52% of the funding was made up of public funding, 27% comprised contributions from accounting firms and 21% was self-generated income.
