Responsibilities of the IASB

Within the IASC structure, the International Accounting Standards Board (IASB):

  • has complete responsibility for all IASC technical matters including the preparation and issuing of International Accounting Standards and Exposure Drafts, both of which include any dissenting opinions, and final approval of Interpretations by the Standing Interpretations Committee,
  • must publish an Exposure Draft on all projects and normally will publish a Draft Statement of Principles or other discussion document for public comment on major projects,
  • has full discretion over the technical agenda of IASC and over project assignments on technical matters, in organising the conduct of its work, the Board may outsource detailed research or other work to national standard setters or other organisations,
  • is responsible for reviewing comments made within a reasonable period on documents published for comment,
  • will normally form Steering Committees or other types of specialist advisory groups to give advice on major projects,
  • must consult the Standards Advisory Council on major projects, agenda decisions and work priorities,
  • will normally issue bases for conclusions with International Accounting Standards and Exposure Drafts,
  • must consider holding public hearings to discuss proposed standards, although there is no requirement to hold public hearings for every project,
  • must consider undertaking field tests (both in developed countries and in emerging markets) to ensure that proposed standards are practical and workable in all environments, although there is no requirement to undertake field tests for every project.

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