Report on IASB

Contents
1. 2. 3. 4. 5. 6. 7. 8. International Accounting Standard Board ............................................................................... 2 Objectives of IASB .................................................................................................................. 2 Members of IASB .................................................................................................................... 3 Supporting the objectives of the IFRS Foundation ............................................................... 16 List of IFRS ........................................................................................................................... 17 List of IAS ............................................................................................................................. 17 Structure................................................................................................................................. 19 Reference ............................................................................................................................... 20

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Report on IASB

1. International Accounting Standard Board

A 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 IASB
IASB 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 capable information 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 standardssetters 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 International Accounting Standards 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 major weaknesses 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 IASB
The International Accounting Standards Board (IASB) is an independent group of 15 experts with an appropriate mix of recent practical 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 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 in international relations (Johns Hopkins University School of advanced international relations, majoring in international economics and Latin American studies).

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 a co-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.

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Ian Mackintosh Term begins: July 2011 Term expires: June 2016 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 Payment and 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 Appointed: July 2006 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 the International 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's Standards 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 Term expires: June 2017 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 was responsible 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 Second term expires: 30 June 2014 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 Appointed: July 2009 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 Policy Council, 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 Term expires: 30 June 2014 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 Brazilian Comate 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 international regulatory 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 IV Financial 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 of Experts 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 Term expires: 30 June 2013 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 Appointed: July 2009 Term expires: 30 June 2014 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 standardsetting activities as a member of the IASB's Standards Advisory Council, the International Accounting Standards Committee (the IASB's predecessor body), the CFA Institute's Corporate Disclosure Policy Council, and the New York Society of Security Analysts.

Takatsugu Ochi Appointed: July 2011 Term expires: June 2016 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). He studied Economics at Kobe University, Japan.

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Paul Pacter Appointed: July 2010 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 and Medium-sized Entities (SMEs) at the International Accounting Standards Board in London. Director in the Global IFRS Office of 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 fulltime basis (Deputy Director of Research and Executive Director of the Financial Accounting Foundation) and for six years in a consulting capacity. Before joining the FASB 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 Term expires: June 2015 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 Appointed: July 2012 Term expires: 30 June 2017 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 Appointed: July 2007 Second term expires: 30 June 2017 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 IFRS Foundation 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 and comparability 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 material including freely downloadable training material for the IFRS for SMEs, and the organisation of conferences and workshops

about IFRSs. These activities are grouped within the IFRS Foundation Education Initiative. The protection of the IFRS brand and the support of adoption through addressing translation and copyright issues and contributing to the financing of the organisation through the provision of publication services. These activities are grouped under Content Management. Operations, including the day-to-day management of and support for the organisation. Also included are communications, improving and expanding external relationships, and promoting a better understanding of the work of the organisation.

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5. List of IFRS
The 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 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 in Associates IAS 29: Financial Reporting in Hyperinflationary Economies IAS 31: Interests in Joint Ventures
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6. List of IAS
The 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

Report on IASB
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. Reference
1. http://www.ifrs.org/Pages/default.aspx 2. http://www.businessdictionary.com/definition/International-Accounting-Standards-BoardIASB.html#ixzz2D9nSds00 3. http://www.transtutors.com

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