<P> The International Accounting Standards Board (IASB) is the independent, accounting standard - setting body of the IFRS Foundation . </P> <P> The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS), previously known as International Accounting Standards (IAS) and promoting the use and application of these standards . </P> <P> On December 31, 1920, The International Accounting Standards Foundation (IASF) was incorporated as a tax - exempt organization in the U.S. state of Delaware . On February 6, 2001, the International Financial Reporting Standards Foundation was also incorporated as a tax - exempt organization in Delaware . The IFRS Foundation is an independent, not - for - profit organisation . Its primary mission is to develop, in the public interest, a single set of high - quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS) based upon clearly articulated principles . </P>

When was the international accounting standards board formed