International Accounting Standards Board [IASB] Law and Legal Definition

The International Accounting Standards Board (IASB) is an independent, privately-funded accounting standard-setter for developing International Financial Reporting Standards (IFRS) and promoting the use and application of these standards. The IASB was formed in 2001 to replace the International Accounting Standards Committee. The IASB operates under the oversight of the International Financial Reporting Standards Foundation.