Note that the new name for standards issued by the IASB is International Financial
Reporting Standards (IFRSs). In one of its earliest actions, the IASB voted to make
clear that the IASs issued by the former IASC continue with full force and effect un-
less and until the IASB amends or replaces them. Therefore, the term IFRS encom-
passes IAS.
(c) Specific Objectives of the IASB. As set out in IASB’s constitution, the board’s
objectives are:
- To develop, in the public interest, a single set of high-quality, understandable,
and enforceable global accounting standards that require high-quality, transpar-
ent, and comparable information in financial statements and other financial re-
porting to help participants in the world’s capital markets and other users make
economic decisions - To promote the use and rigorous application of those standards
- To bring about convergence of national accounting standards and IASs to high-
quality solutions
In accomplishing its objectives, the IASB has complete responsibility for all tech-
nical matters including the preparing and issuing of IFRSs and EDs, both of which
must include any dissenting opinions, and final approval of Interpretations by the
IFRIC. The IASC Foundation trustees have no involvement in developing IFRSs.
And IASB’s use of the term advisory groupsrather than the old IASC term steering
16.7 RESTRUCTURING OF IASC INTO IASB 16 • 11Exhibit 16.4. The IASB Structure Starting in 2001.