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Report on IASB

Superior University Lahore Page 1

Contents

1. International Accounting Standard Board ............................................................................... 2

2. Objectives of IASB .................................................................................................................. 2

3. Members of IASB .................................................................................................................... 3

4. Supporting the objectives of the IFRS Foundation ............................................................... 16

5. List of IFRS ........................................................................................................................... 17

6. List of IAS ............................................................................................................................. 17

7. Structure................................................................................................................................. 19

8. Reference ............................................................................................................................... 20


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1. International Accounting Standard BoardA London-based organization which seeks

to set and enforces standards for accounting

procedures. Over 100 countries currently

require or permit companies to comply with

IASB standards. It is responsible for

maintaining the International Financial

Reporting Standards (IRFS). The

organization was preceded by the

International Accounting Standards

Committee (IASC).

2. Objectives of IASBIASB started its operations in 2001 with the

following objectives.

Develop, in the public interest, a single set

of high quality understandable and

enforceable global accounting standards that

require high quality transparent and capableinformation in financial statements and other

financial reporting to help the participants in

the various capital markets of the world and

other users of the information to make

economic decisions.

Promote the use and rigorous application of

those standards.

Work actively with national standards-

setters to bring convergence of national

accounting standards and International

Financial Reporting Standards (IFRS) to

high quality solution.

IFRSs are designed to apply to the general

purpose financial statements and other

financial reporting of all profit-oriented

entities. These entities include those

engaged in commercial, industrial, financial

and similar activities, whether organized in

corporate or other forms.

IASB replaced the old regime of


Committee (IASC) in standard setting. The

IASC was issuing International Accounting

Standards (IAS). So far there were forty one

IAS which had been issue before IASB

replaced IASC in 2001. As one of the majorweaknesses of IASC was that the standards

it was issuing contained many objectives

thereby defeating the purpose of consistency

in recognition, measurement and

presentation of transactions. IASB intends to

limit such choice of accounting treatments.


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3. Members of IASBThe International Accounting Standards

Board (IASB) is an independent group of 15

experts with an appropriate mix of recentpractical experience in setting accounting

standards, in preparing, auditing, or using

financial reports, and in accounting

education. Members are appointed by the

Trustees through an open and rigorous

process that includes advertising vacancies

and consulting relevant organizations.In January 2009, the Trustees voted to

expand the IASB to 16 members by July

2012.

Hans Hoogervorst

Appointed July 2011

Term expires: June 2016

Mr. Hoogervorst is a former chairman of

the executive board, the Netherlands

Authority for the Financial Markets (AFM),

and a former chairman of the IOSCO

technical committee. He was appointed as aco-chair of the Financial Crisis Advisory

Group, a high level group of business

leaders with experience of international

markets, to advise the IASB and the FASB

on their joint response to the financial crisis.

He also served as Chairman of the

Monitoring Board of the IFRS Foundation,

oversight body of the IASB.

Between 1998 and 2007 Mr. Hoogervorst

held a number of positions in the Dutch

Government, including minister of finance,

minister of health, welfare and sport, and

state secretary for social affairs. Prior to this

Mr. Hoogervorst served both as a member

and senior policy advisor to the Dutch

Parliament and the Ministry of Finance. He

also spent three years as a banking officer

for the National Bank of Washington in

Washington, DC.

Mr. Hoogervorst holds a Masters degree in

modern history (University of Amsterdam,

1981) and a Master of Arts degree ininternational relations (Johns Hopkins

University School of advanced international

relations, majoring in international

economics and Latin American studies).


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Ian Mackintosh

Term begins: July 2011


Mr. Mackintosh was formerly Chairman of

the United Kingdom Accounting Standards

Board (ASB). Originally from New Zealand,

Ian has spent much of his career in

Australia, first with Coopers & Lybrand and

later as a consultant in his own practice. In

November 2000, he was appointed Chief

Accountant of the Australian Securities and

Investment Commission and following that

was Manager, Financial Management, and

South Asia at the World Bank.

Mr. Mackintosh has played an active role in

standard-setting since 1983. He was a

member, and later Deputy Chairman, of the

Australian Accounting Standards Board, as

well as chairing its Urgent Issues Group.

Mr. Mackintosh has substantial public sector

experience, having chaired both the

Australian Public Sector Accounting

Standards Board and the IFAC Public Sector

Committee.


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Stephen Cooper

Appointed: July 2007

Second term expires: 1 August 2017

Mr. Cooper became a member of the IASB

in 2007 having previously served on a

number of IASB advisory groups, including

the working group related to the

development of IFRS 2 Share-based

Paymentand the joint international group

advising the IASB and FASB on financial

statement presentation. He was also a

member of the IASBs investor advisory

group from its inception, now called the

capital markets advisory committee.

Prior to joining the IASB Mr. Cooper was a

Managing Director in the equities division

Of UBS Investment Bank. He joined UBS in

1997 as an analyst specializing in equity

valuation and accounting for which he was

voted the #1 analyst in Europe for several

years. Subsequently he was also appointed

as a member of the UBS research global

investment recommendations committee and

the investment committee of the UBS UK

pension fund.

Mr. Cooper has also had other investment

banking related roles including corporate

finance advisory at Schroder, now part of

Citigroup, and financial analysis education

training.

Mr. Cooper qualified as an accountant in

1983 and has a Masters degree in

Accounting and Finance from the London

School of Economics.


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Philippe Danjou


Second term expires: 30 June 2016

Until his appointment he was the director of

the accounting division of the Autorit des

Marchs Financiers (AMF), the French

securities regulator. He graduated from

HEC, then qualified as a Chartered

Accountant and Registered Statutory

Auditor, and joined Arthur Andersen & Co.

(Paris) in 1970.

At Arthur Andersen, Mr. Danjou ultimately

became an audit partner. He was also

Executive Director of the French Ordre des

Experts Compatibles (OEC) from 1982 until

1986.

Mr. Danjou was a member of theInternational Auditing Practices Committee

and a technical adviser to the French

delegate to the former International

Accounting Standards Committee, the

predecessor to the IASB.

While at the AMF he served on the IASB'sStandards Advisory Council, as an observer

at the Committee on Auditing of the

European Commission, as a member of

IOSCO's Standing Committee 1 on

Multinational Accounting and Disclosure,

and the Financial Reporting Committee of

the Committee of European Securities

Regulators (CESRFin).

In 2006, he was appointed chairman of the

European Enforcers Coordination Sessions

created by CESRFin to help foster consistent

enforcement by regulators of IFRS-based

financial statements.


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Martin Edlmann

Term began: July 2012


Mr. Edelmann served as a member of the

German Accounting Standards Board

(GASB) from 2006 until 2011. He is a

former Head of Group Reporting at

Deutsche Bank AG, where he wasresponsible for internal and external

reporting activities between 1997 and 2011.

During his time at the Bank, he oversaw a

number of major projects including the

Bank's conversion from US GAAP to IFRS

in 2007. Before joining Deutsche Bank, Mr.

Edelmann worked at KPMG for nine years

providing audit services primarily for

financial institution. During that time with

KPMG he qualified as a Chartered

Accountant. Until joining the IASB he was a

senior adviser at German consultancy firm

zeb/roles schierenbeck associates (Zeb).

Mr. Edelmann was also a member of the

Accounting Working Group of the German

Banking Association for 14 years and served

as its Chairman from 2004-2011


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Jan Engstrm

Appointed: May 2004


Before joining the IASB, he served with the

Volvo Group for thirty years in various

senior positions, both in his native Sweden

and in Latin America.

A member of the Volvo Group Management

Board for ten years, he served as Chief

Financial Officer (1993-1998) and Chief

Executive Officer of Volvo Bus Corporation

(1998-2003).

Previously he was the CFO, Volvo do Brazil

(1981-1985), and CFO, Volvo Truck

Corporation (1985-1993).

Patrick Finnegan


Term expires: 30 June 2014

Patrick Finnegan is a former Director of the

Financial Reporting Policy Group at CFA

Institute Centre for Financial Market

Integrity.

Mr. Finnegan led a team at CFA Institute (a

global, not-for-profit association for

investment professionals with nearly

100,000 members) responsible for providing

user input into the standard-setting activities

of the IASB, FASB and key regulatory

bodies.

He has also co-ordinate the work of the CFA

Institute's Corporate Disclosure PolicyCouncil, which reviews and comments on

financial reporting policy initiatives around

the world.

Before joining the CFA Institute in 2008,

Mr. Finnegan worked at Moody's Investors


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Service, where he served as a managing

director in Moody's Corporate Finance

Group and as a senior analyst in Moody's

Financial Institutions Group.

Previously, he worked for Deloitte as a

partner providing audit services primarily

for insurance companies and conducting

financial due-diligence services for private

equity firms. Mr. Finnegan also worked for

the American Institute of CPAs as a

technical manager and for the US Securities

and Exchange Commission (SEC) as a staff

accountant.

Amaro Luiz de Oliveira Gomes

Appointed: 1 July 2009


Amaro Luiz de Oliveira Gomes, former

Head of Financial System Regulation

Department of the Central Bank of Brazil,

joined the IASB as a full-time member on 1

July 2009 for a five-year term.

As a senior official at the Central Bank of

Brazil, Mr. Gomes played a leading role in

the adoption of International Financial

Reporting Standards (IFRSs) in Brazil. At

the Central Bank of Brazil, he oversaw the

introduction of IFRSs for regulated financial

institutions. He has also served as a member

of the two bodies playing the leading role in

introducing IFRSs into Brazilthe BrazilianComate de Pronunciamentos Contbeis

(CPC) and the Steering Committee for

Accounting ConvergenceBrazil (Comit

Gestor da Convergncia no Brasil) created

by the Brazilian Federal Accounting Council

(Conselho Federal de Contabilidade).

Mr. Gomes has in the past been an active

participant in efforts aimed at internationalregulatory co operation. He served on the

Accounting Task Force of the Basel

Committee on Banking Supervision. He also

represented the Central Bank of Brazil in the

MERCOSUR Sub-Group IVFinancial

Services Integration, as coordinator of the

Commission on Financial Services and the

Sub-Commission on Accounting Issues; and

from 1999 to 2003 was the representative in

the Intergovernmental Working Group ofExperts on International Standards of

Accounting and Reporting (ISAR), under

the auspices of the UNO/UNCTAD.

In his career as a financial system regulator,

Mr. Gomes was directly involved in the


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convergence of Brazilian prudential

regulation with international standards and

best practices, such as the implementation of

the 25 Core Principles for Effective Banking

Supervision and Basel II. In this role he

participated in several regulation and policy

forums, including the Policy Development

Group (PDG) of the Basel Committee on

Banking Supervision, representing the

Association of Supervisors of Banks of the

Americas (ASBA).

Prabhakar Kalavacherla

Appointed: January 2009


Prabhakar Kalavacherla ('PK') was an audit

partner at KPMG LLP in the San Francisco

office. In addition to working in the US, he

has worked extensively in India, where he

led KPMG's US GAAP practice, and in

Europe.

At KPMG LLP he served as both reviewing

partner for clients preparing financial

statements for filings with the U.S.

Securities and Exchange Commission and

more recently according to International

Financial Reporting Standards.

PK has specialized in the technology and

biotechnology fields. He holds a masters

degree in accountancy with distinction from

California State University-Chico and is a

member of both the Institute of Chartered

Accountants of India and the American

Institute of Certified Public Accountants. He

is also on the board of a not-for-profit

organization, Food for Life, which serves

over 800,000 children each day.


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Patricia McConnell



Patricia McConnell is a former Senior

Managing Director in Equity Research and

Accounting, and Tax Policy Analyst

for Bear Stearns & Co.

In a 32-year career in Bear Stearns' Equity

Research group, Ms McConnell established

herself as one of the leading analysts in the

United States on issues related to

accounting. Institutional Investor magazine

ranked her the leading analyst in the United

States on accounting and tax matters for 16

consecutive years from 1991 to 2006.

Throughout her career, she has been an

active participant in accounting standard-

setting activities as a member of the IASB's

Standards Advisory Council, the


Committee (the IASB's predecessor body),

the CFA Institute's Corporate Disclosure

Policy Council, and the New York Society

of Security Analysts.

Takatsugu Ochi



Mr. Ochi was Assistant General Manager,

Financial Resources Management Group of

Sumitomo Corporation. He was also a

member of the IFRS Interpretations

Committee, Secretary-General of the

Nippon Keidanren (Japan Business

Federation) taskforce for early adoption of

IFRS and an adviser to the Accounting

Standards Board of Japan (ASBJ). Hestudied Economics at Kobe University,

Japan.


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Paul Pacter


Extended term expires: 31 December 2012

Prior to joining the Board on 1 July 2010,

Mr. Pacter held two concurrent positions:

Director of Standards for Small andMedium-sized Entities (SMEs) at the

International Accounting StandardsBoard in London.

Director in the Global IFRS Officeof Deloitte Touche Tohmatsu in

Hong Kong.

His responsibilities at Deloitte included

responding to client technical questions and

projects, writing an IFRS newsletter and

IFRS publications, and managing the

website www.iasplus.com.

From 1996 to 2000 he was International

Accounting Fellow at the International

Accounting Standards Committee, London.

In that capacity, he managed a number of

IASCs agenda projects, including financial

instruments recognition and measurement

(IAS 39), interim financial reporting,

segment reporting, discontinued operations,extractive industries, agriculture, and

business reporting on the Internet.

Paul was affiliated with the US Financial

Accounting Standards Board from its

inception in 1973, for eleven years on a full-

time basis (Deputy Director of Research and

Executive Director of the Financial

Accounting Foundation) and for six years in

a consulting capacity. Before joining theFASB in 1973, Paul was Research Manager

with an international public accounting firm

that is now part of KPMG. From 1984 to

1990 he was Commissioner of Finance of

the City of Stamford, Connecticut. He also

was Professor of Accounting at the

University of Connecticut's Evening MBA

Program.

Paul Pacter graduated magna cum laude

from Syracuse University and received his

PhD from Michigan State University in

1967. He is a Certified Public Accountant

(inactive). He won the Distinguished

Graduate Teaching Award at the University

of Connecticut.

Paul was Vice Chairman of the Advisory

Council to the US Governmental

Accounting Standards Board (19841989)and a member of GASBs pensions task

force. He also has served on the FASB task

force on consolidations, as Consulting

Editor of The Journal of Accountancy, and

on the editorial advisory boards of Corporate

Accounting, The Accounting Review,


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Research in Accounting Regulation and The

CPA Journal.

His civic activities include serving as

Chairman of the Stamford Commission on

Human Rights, member of the City of

Stamford Charter Revision Commission,

Director of the Stamford Coliseum

Authority, and member of the boards of the

United Way of Stamford, Stamford Center

for the Arts, Stamford Theatre Works,

Stamford Foundation, Stamford Community

Fund, Housing Development Fund of

Fairfield County, North Stamford

Democratic Club (President), and North

Stamford Association (Treasurer). He also

served on the Connecticut Vacation Travel

Council and as treasurer of the Connecticut

Tourism Association.

Darrel Scott

Appointed: October 2010


Darrel Scott was formerly CFO of the

FirstRand Banking Group, one of the largest

financial institutions in South Africa. He had

responsibility for both statutory and

regulatory financial reporting under the

Basel II Accords and served on various

Governance, Risk, Operation and Strategic

Committees of the Group.

Mr. Scott was also a member of the IASB's

International Financial Reporting

Interpretations Committee (IFRIC), a

position from which he resigned to become

an IASB member, and was formerly a

member of the IFRS Foundation's Standards

Advisory Council (SAC), now called the

IFRS Advisory Council.


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Chung Woo Suh



Dr Suh is a Professor of Accounting at

Kookmin University, Seoul. He served as an

advisor to the Korea Accounting Standards

Board (KASB) and as Chairman of the

KASB from 2008 to 2011, during which

time he led South Korea's preparations to

adopt International Financial Reporting

Standards (IFRSs) in full from 2011.

Dr Suh has a Ph.D. in Accountancy from the

University of Illinois, USA, and an MBA

from Seoul National University. He is a

Certified Public Accountant in South Korea.

Zhang Wei-Guo



Dr Zhang previously worked as Chief

Accountant and Director General of the

Department of International Affairs at the

China Securities Regulatory Commission

(CSRC).

He has been actively involved in accounting

standard setting and implementation issues,

auditor oversight, and cross-border

regulatory co-operation issues at the CSRC

and through his work with the International

Organization of Securities Commissions.

From 1998 and 2004 respectively, Dr

Zhang was a member of the China

Accounting Standards Committee and the

China Auditing Standards Committee.

Before joining the CSRC, he was Head of


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the Department of Accounting at Shanghai

University of Finance & Economics (SUFE)

where he also received his PhD in

economics.

Dr Zhang was a PhD supervisor at SUFE

from 1993 and at Tsinghua University from

2000. He has published a number of articles

and monographs on issues related to

accounting, corporate governance, and

globalization.

Mary Tokar

Appointed: November 2012

Term begins: January 2013

Term expires: January 2017


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4. Supporting the objectives of the IFRS Foundation

All other activities undertaken by the IFRSFoundation in support of the objectives of

the organisation are managed by the IFRS

Foundation's staff.

Those activities include:

The creation of an XBRL taxonomy for

IFRSs and the IFRS for SMEs to facilitate

the electronic use, exchange andcomparability of financial data prepared in

accordance with IFRSs. This is done by the

IFRS XBRL team.

The production of high quality,

understandable and up to date materialincluding freely downloadable trainingmaterial for the IFRS for SMEs, and the

organisation of conferences and workshops

about IFRSs. These activities are groupedwithin the IFRS Foundation EducationInitiative.

The protection of the IFRS brand and the

support of adoption through addressing

translation and copyright issues andcontributing to the financing of the

organisation through the provision of

publication services. These activities aregrouped under Content Management.

Operations, including the day-to-daymanagement of and support for the

organisation. Also included are

communications, improving and expanding

external relationships, and promoting abetter understanding of the work of the

organisation.


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5. List of IFRSThe following is the list of IFRS issued by

IASB.

IFRS 1 First time Adoption of

International Financial Reporting Standards

IFRS 2 Share-based Payment

IFRS 3 Business Combinations

IFRS 4 Insurance Contracts

IFRS 5 Non-current Assets Held for Sale

and Discontinued Operations

IFRS 6 Explorations for and Evaluation of

Mineral Resources

IFRS 7 Financial Instruments: Disclosures

IFRS 8 Operating Segments

6. List of IASThe following is the list of IAS issued by

IASB

IAS 1: Presentation of Financial

Statements.

IAS 2: Inventories

IAS 7: Cash Flow Statements

IAS 8: Accounting Policies, Changes in

Accounting Estimates and Errors

IAS 10: Events After the Balance Sheet

Date

IAS 11: Construction Contracts

IAS 12: Income Taxes

IAS 14: Segment Reporting

IAS 16: Property, Plant and Equipment

IAS 17: Leases

IAS 18: Revenue

IAS 19: Employee Benefits

IAS 20: Accounting for Government

Grants and Disclosure of Government

IAS 21: The Effects of Changes in Foreign

Exchange Rates

IAS 23: Borrowing Costs

IAS 24: Related Party Disclosures

IAS 26: Accounting and Reporting by

Retirement Benefit Plans

IAS 27: Consolidated Financial Statements

IAS 28: Investments inAssociates

IAS 29: Financial Reporting in

Hyperinflationary Economies

IAS 31: Interests in Joint Ventures


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IAS 32: Financial Instruments:

Presentation

IAS 33: Earnings per Share

IAS 34: Interim Financial Reporting

IAS 36: Impairment of Assets

IAS 37: Provisions, Contingent Liabilities

and Contingent Assets

IAS 38: Intangible Assets

IAS 39: Financial Instruments:

Recognition and Measurement

IAS 40: Investment Property

IAS 41: Agriculture


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7. Structure


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8. Reference1. http://www.ifrs.org/Pages/default.aspx2. http://www.businessdictionary.com/definition/International-Accounting-Standards-Board-

IASB.html#ixzz2D9nSds00

3. http://www.transtutors.com
http://www.businessdictionary.com/definition/International-Accounting-Standards-Board-IASB.html#ixzz2D9nSds00http://www.businessdictionary.com/definition/International-Accounting-Standards-Board-IASB.html#ixzz2D9nSds00http://www.businessdictionary.com/definition/International-Accounting-Standards-Board-IASB.html#ixzz2D9nSds00http://www.businessdictionary.com/definition/International-Accounting-Standards-Board-IASB.html#ixzz2D9nSds00http://www.businessdictionary.com/definition/International-Accounting-Standards-Board-IASB.html#ixzz2D9nSds00http://www.transtutors.com/http://www.transtutors.com/http://www.transtutors.com/http://www.businessdictionary.com/definition/International-Accounting-Standards-Board-IASB.html#ixzz2D9nSds00http://www.businessdictionary.com/definition/International-Accounting-Standards-Board-IASB.html#ixzz2D9nSds00

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