Annexes to COM(2010)504 - Report on the funding of the International Financial Reporting Standards Foundation

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This page contains a limited version of this dossier in the EU Monitor.

dossier COM(2010)504 - Report on the funding of the International Financial Reporting Standards Foundation.
document COM(2010)504 EN
date September 27, 2010
ANNEX

1. Description of the internal governance structure of the IFRS Foundation

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2. Glossary of the key acronyms referred to in the report

Financial Accounting Standards Board (FASB)

The FASB is a private sector organisation in the United States that establishes financial accounting and reporting standards for business enterprises reporting under US Generally Accepted Accounting Principles (US GAAP).

US Generally Accepted Accounting Principles (US GAAP)

Accounting requirements for business enterprises in the United States, established by the Financial Accounting Standards Board (FASB), predecessor organisations and others.

International Accounting Standard (IAS)

A standard adopted by the International Accounting Standards Board’s (IASB) predecessor, the International Accounting Standards Committee (IASC). When the IASB replaced the IASC in 2001, it adopted all IASs then in force.

International Accounting Standards Board (IASB)

The IASB is an independent, privately-funded accounting standard-setter.

International Accounting Standards Committee Foundation (IASCF)

The former name of the parent entity of the International Accounting Standards Board (IASB), now known as the IFRS Foundation

International Financial Reporting Standard (IFRS)

A standard and interpretation adopted by the International Accounting Standards Board (IASB).

IFRS Foundation

The name of the parent entity of the International Accounting Standards Board (IASB)

Standards Advisory Council

A forum for the International Accounting Standards Board (IASB) to consult interested organisations, now called the IFRS Advisory Council. The Advisory Council meets three times a year, and Advisory Council members provide the IASB with input on its agenda, its work programme and particular projects.

[1] Following revision of its constitution, on 1 March 2010 the International Accounting Standards Committee (IASC) Foundation name was changed to the International Financial Reporting Standards (IFRS) Foundation (the change will be effective in July 2010). This report uses the new name (IFRS Foundation) although Decision No 716/2009/EC refers to the old name (IASCF). The IFRS Foundation is the parent body of the International Accounting Standards Board (IASB), whose standards are incorporated into EU law pursuant to Regulation No. (EC) 1606/2002 of 19 July 2002 on the application of international accounting standards, OJ L 243, p. 1 of 11.09.2002.

[2] Decision No 716/2009/EC of the European Parliament and of the Council of 16 September 2009 establishing a Community programme to support specific activities in the field of financial services, financial reporting and auditing, OJ L 253, p. 8-16 of 25.09.2009.

[3] The financial contribution in the Decision is based on figures available at the time that the Commission proposal was prepared and does not anticipate future budgetary developments.

[4] See announcement about the creation of a working group by the Monitoring Board on http://www.iosco.org/monitoring_board/