The International Accounting Standards Board (IASB) is an independent organization responsible for developing and promoting International Financial Reporting Standards (IFRS) that aim to provide a global framework for financial reporting. By establishing these standards, the IASB plays a crucial role in harmonizing accounting practices across different countries, which is especially important in accounting environments with diverse regulations. The board's work impacts how businesses in emerging economies adopt consistent reporting practices and enables effective ratio analysis across different countries.
congrats on reading the definition of International Accounting Standards Board. now let's actually learn it.