Write a short note on International Accounting Standard Board (IASB).

With a view of achieving the objective of setting global standards, the London based group namely the International Accounting Standards Committee (IASC), responsible for developing International Accounting Standards (IAS), was established in June, 1973. It is presently known as International Accounting Standards Board (IASB).Between 1973 and 2001, the IASC released IASs. Between 1997 and 1999, the IASC restructured their organisation, which resulted in formation of IASB. These changes came into effect on 1 st April, 2001. Subsequently, IASB issued statements about current and future standards.IASB publishes its Standards in a series of pronouncements called International Financial Reporting Standards (IFRS).The standards issued by IASC till 31.03.2001 are known as IASs and the standards issued by IASB since 01.04.2001 are known as IFRSs.