BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -IASB members are responsible for the development and publication of IFRS Accounting Standards, including the IFRS for SMEs Accounting Standard.

Detailed explanation-2: -International Financial Reporting Standards (IFRS) are a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements. They were developed and are maintained by the International Accounting Standards Board (IASB).

Detailed explanation-3: -The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB.

Detailed explanation-4: -International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world. The IFRS is issued by the International Accounting Standards Board (IASB).

Detailed explanation-5: -The International Accounting Standards Committee (IASC) was formed in 1973 as the first international standard-setting body. From that point on the ‘IAS’ were issued. A re-organization in 2001 replaced this body with the IASB. From that point on the international standards that were issued were renamed as ‘IFRS’.