PrintInternational Standard Setters
International Accounting Standards Board (www.iasb.org.uk)
The International Accounting Standards Board (IASB) is an independent, privately-funded accounting standard-setter, best known for the development of International Financial Reporting Standards (IFRS) which are now mandatory for EU listed groups. The website gives details of IASB activities, international standards in issue, and the status of international accounting standards around the world.
The International Federation of Accountants (www.ifac.org)
IFAC is the global organization for the accountancy profession. The website gives details of IFAC activities. These include IPSASB and IAASB below
The International Public Sector Standards Board (www.ifac.org/PublicSector/)
The IPSASB develops public sector financial reporting guidance in the international arena, and carries out educational and research programmes. The UK has not adopted IPSASB guidance, although the principles of UK public sector accounting are broadly consistent with IPSASs.
The International Auditing and Assurance Standards Board (www.ifac.org/IAASB/) The IAASB develops and issues guidance on external audit, quality control, assurance and other reporting engagements. International Standards on Auditing (ISAs) are the basis of auditing standards in the UK & Ireland: ISAs supplemented with specific “ISA pluses” are published by the UK Auditing Practices Board as International Standards on Auditing (UK & Ireland).
Other international bodies
The European Federation of Accountants (www.fee.be)
The Fédération des Experts Comptables Européens (FEE) is the representative organisation for the accountancy profession in Europe. The website gives details of FEE activities, EU directives and EU news
The European Financial Reporting Advisory Group (www.efrag.org/)
EFRAG is a group of the main stakeholders in financial reporting in Europe, namely users, preparers, and the accountancy profession, (supported by the national standard setters).
EFRAG aims to give a pro-active contribution to the work of the IASB. As part of this, EFRAG advises on the technical assessment of the IASB standards and interpretations for application in Europe.