The International Accounting Standards Board ( IASB ) was formed in 2001 as successor of the former

formulating International Accounting Standards Committee ( IASC ) , which was set up and publish in
the public interest, the International Accounting Standards ( IAS ) could be observed in the presentation
of the published Financial statements and their worldwide acceptance and compliance ( International
Financial promote Reporting Standards - IFRS , 2007) . International Accounting Standards Board (
IASB ) is responsible for give definition, monitoring and acceptable interpretations of the provisions of
the International Financial Reporting Standards (IFRS ) . IFRS since inception has introduced numerous
new useful , complex , confusing and / or the expansion of existing accounting frameworks . Frameworks
for accounting be raised from existing Accounting theories