International Accounting Standards Board
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The International Accounting Standards Board (IASB) was founded on April 1 2001 as the successor of IASC based in London, UK. IASB is responsible for setting International Accounting Standards. The IASB hopes that through the creation of international accounting standards, it makes one set of financial statements more compatible with the rest of the world. Currently, a company's financial report would be different for the United States, United Kingdom, China, Australia, or South Africa, based on local generally accepted accounting principles.
Before the transformation the non-profit organization IASC Foundation was founded in March 2001 in Delaware, US as the parental body of the IASB. The IASC Foundation has two main bodies, the Trustee and IASB as well as Standard Advisory Council and the International Financial Reporting Interpretations Committee.