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MOHAMMED ARIF KHAN (LEADER)
OVAIS BARDI
RIZWAN LOKHANDWALA
AHMED ABBASI
SHAHBAZ KHAN
IASB Chairman.
Appointed by the Trustees. In late June 2000, the Trustees
announced the appointment of Sir David Tweedie as the first
Chairman of the restructured IASB. Sir David continues today as
IASB Chairman.
Board meetings.
The new IASB held its first official meeting in London in April
2001. The Board meets monthly (except August) for
approximately one week. Board meetings are normally held at
the IASB's office in London. Twice each year, the IASB and the US
Financial Accounting Standards Board (FASB) hold a joint meeting
(usually April and October). The April meeting is normally held at
the FASB's office in the United States.
NEED FOR HAVING ACCOUNTING
STANDARD
USA- FASB
Since 1973, the Financial Accounting Standards Board (FASB) has
been the designated organization in the private sector for
establishing standards of financial accounting and reporting.
Those standards govern the preparation of financial reports.
They are officially recognized as authoritative by the Securities
and Exchange Commission (Financial Reporting Release No. 1,
Section 101 and reaffirmed in its April 2003 Policy Statement)
and the American Institute of Certified Public Accountants (Rule
203, Rules of Professional Conduct, as amended May 1973 and
May 1979). Such standards are essential to the efficient
functioning of the economy because investors, creditors,
auditors, and others rely on credible, transparent, and
comparable financial information.
The Securities and Exchange Commission (SEC) has statutory
authority to establish financial accounting and reporting
standards for publicly held companies under the Securities
Exchange Act of 1934. Throughout its history, however, the
Commission’s policy has been to rely on the private sector for
this function to the extent that the private sector demonstrates
ability to fulfill the responsibility in the public interest.
EUROPEAN COUNTRIES:
UK- FRC (FINANCIAL REPORTING COUNCIL)
The FRC is a unified, independent regulator charged with
overseeing the development, publication and adoption of
accounting and auditing standards in the UK and is have the
following roles:
setting standards for accounting and auditing
enforcing and monitoring standards
overseeing the self-regulatory professional bodies
The FRC was originally established in 1990 to provide general
policy guidance and promote good financial reporting through
two independent subsidiaries: the Accounting Standards Board
(ASB), charged with making, amending and withdrawing
accounting standards, and the Financial Reporting Review Panel
(FRRP) that examines apparent departures from statutory
accounting requirements including applicable accounting
standards.
ASIAN CHINA
ASIA PACIFIC
AUSTRALIA