International Accounting Standards Board (IASB)

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International body that sets financial reporting standards that have been adopted in many countries.

According to the IASB, the objective of financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity.

The IASB establishes IFRS – a standard widely followed by firms outside of the US.

Compare: FASB

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