07 November 2008
It is International Standards established for Financial Reporting adopted by the International Accounting Standards Board (IASB).
IASB was founded on April 1, 2001. It is the successor of the International Accounting Standards Committee (IASC) founded in June 1973 in London.
The IASB has 14 Board members, each with one vote. The members are selected chiefly upon their professional competence and practical experience.
It is unfortunate that none of the members have been selected from India a vast country with highly skilled professionals, while USA has four members,UK and France have two each and Australia, China, Japan, Soth Africa and Sweeden have one member each!
CAclubindia
