What does IASB stand for?

IASB stands for ''International Accounting Standard Board'' that works as a team and makes IAS & IFRS globalize the Same accounting treatment all over the world. These IAS ( International Accounting Standard) & IFRS ( International Financial Reporting Standard) are made under the Guidance of the IASB. 

 What is IASB?

IASB means ''International Accounting Standard Board'' it is like a committee that works as a federation that makes the Rules, policies, and principles of accounting. The main motive of the IASB framework is to globalize the accounting treatment
everywhere. 

What does IASB stands for? international accounting

For Example :

  • It is the policy that every company uses the going concern concept and there is no intention to liquidate the business in the foreseeable future. 
  •  It is the policy that companies use an accrual system of accounting to record the transaction.

What do you mean by Policy?

Policies are simply mean the rules, Procedures, structures, principles & the Hierarchy of the organizations which are established by the strategic management such as the Board of directors in order to run the organization & that help to achieve the goals of the organization. 

what is policy? define policy 

What are the Functions IASB perform?

IASB perform functions like making the Accounting policies, Rule for accounting treatment, and principles for making the financial statements that are globally recognized. Due to the same accounting policies and procedures, the financial statements will be harmonized.  

IAS Vs IASB?

(IAS) Stands for ''International Accounting Standard'' & (IASB) "Stands for International Accounting Standard".

IASB is also called as mother of IAS because all the International Accounting Standard are made under the guidance of the International Accounting Standard Board.

IAS is a small rule and procedure that is implied everywhere in accounting but IASB is Hub where these rules are transformed & established.