International Accounting Standards Board

IASB - International Accounting Standards Board

Accounting
The International Accounting Standards Board
Board) is an independent body from the private sector that develops and approves the
International Financial Reporting Standards. The IASB operates under supervision
from the Foundation of the International Accounting Standards Committee (IASCF). The IASB
was established in 2001 to replace the International Standards Committee of
Accounting (International Accounting Standards Committee).
The Foundation of the International Accounting Standards Committee
Foundation) is an independent, non-profit foundation created in the year 2000 to oversee the IASB. Click here
for more information about the structure of the IASCF.

IASC - International Accounting Standards Committee

Accounting
It originated in 1973 and is born from the agreement of representatives of accounting professionals from several countries (Germany,
Australia, United States, France, Netherlands, Ireland, Japan, Mexico, and United Kingdom) for the formulation of a series of
accounting standards that could be accepted and applied generally in different countries in order to promote
the harmonization of data and its comparability.

Objectives of IASB

By virtue of the IASCF Constitution, the objectives of the IASB are:

(a) develop, seeking the public interest, a single set of global accounting standards that are of high quality
quality, understandable and mandatory compliance, that require high-quality, transparent, and comparable information
in the financial statements and in other types of financial information, to assist participants in the markets of
capitals of the world, and to other users, to make economic decisions;
promote the use and rigorous application of such standards;

c) meet the objectives associated with (a) and (b), taking into account, when necessary, special needs
of small and medium entities and emerging economies; and

to bring about convergence between national accounting standards and International Financial Reporting Standards
International Financial Reporting Standards, towards high-quality solutions.

International Accounting Standards Committee

The International Accounting Standards Committee (IASC) - 1973-2000

The old IASC Committee worked from 1973 until 2000 to achieve those objectives.
He promulgated a substantial body of Standards, Interpretations, and a Conceptual Framework, along with other guidelines that are embraced.
directly by many companies and that is also expected to be adopted by many issuers in the development of the
national accounting standards.

International Accounting Standards Board

The International Accounting Standards Board (IASB) – Starting in 2001

At the beginning of 2001, the IASC was restructured into the IASB.
Replacing the old IASC in the issuance of accounting standards, the IASB was created in April 2001. It depends on the
IASC Foundation is based in London, with its main objective being the establishment of financial information.
harmonized, falling upon him the responsibility to approve the International Financial Reporting Standards (IFRS)
IFRSs) and other related documents such as the Interpretations developed by the Committee
 Interpretations of the International Financial Reporting Standards (IFRS)
Interpretations Committee (IFRIC).
By virtue of the constitution of the IASCF, the IASB must:
to have full responsibility for all technical matters of the IASB including the preparation and issuance of the
International Accounting Standards, International Financial Reporting Standards and the Drafts of the
Standards, all of which will include dissenting opinions, as well as the final approval of the Interpretations of
Committee of Interpretations of International Financial Reporting Standards;
(b) publish a draft of the Standard on each project and normally publish a draft exposure of all the
projects and publish a document for public discussion on large projects.
to have total discretion in the development of the technical agenda of the IASB and the assignments regarding the issues
project technicians: in organizing the management of their work, the IASB may outsource research
detailed or another work for national standard issuers;
(d):
o Establish procedures to examine comments made on the documents within a reasonable timeframe.
published,
o Usually form working groups or other types of specialized advisory groups to provide
advice on the main projects
o Consult the Advisory Standards Council on major projects, agenda of decisions, and priorities.
work and,
o Normally publish the guidelines for the conclusions in accordance with International Accounting Standards, Standards
International Financial Reporting Standards, and the exposure drafts;
Consider the possibility of holding public hearings to discuss proposed regulations, although there is no obligation.
to hold public hearings for each project;
Consider conducting field tests (both in developed countries and emerging markets) to
ensure that the proposed standards are practical and feasible in all environments, although there is no obligation to
carry out field tests for each project.
Provide the reasons if any of the non-mandatory procedures established in (b), (d)(ii), (d)(iv), (e), and (f) are not followed.

Differences between NICs and NIIFs - IASs and IFRSs

The term International Financial Reporting Standards (IFRSs) has a narrow and a broad meaning.
In a strict sense, the IFRS refer to the new numbered series of Standards issued by the IASB, unlike the Standards.
International Accounting Standards (IAS), series issued by its predecessor. In more general terms, IFRSs
understands the set of pronouncements from the IASB including the standards and interpretations approved by the IASB and the
NICs - IASs and their SIC interpretations approved by their predecessor the International Accounting Standards Committee.

Consistent with IASB policy, we have abbreviated International Financial Reporting Standards (plural) as
IFRS and in English International Financial Reporting Standards (plural) as IFRSs and the International Standards of
Accounting (plural) IFRS and in English International Accounting Standards (plural) as IASs.

Compliance with IASB Standards

Definition of IFRS-IFRSs
IAS 1.11 defines that International Financial Reporting Standards (IFRSs) are the standards and
Interpretations adopted by the International Accounting Standards Board (IASB). These Standards comprise:

· The International Financial Reporting Standards;

· The International Accounting Standards;

· The Interpretations developed by the Committee on Interpretations of International Financial Reporting Standards
Financial (CINIIF-IFRIC) or the former Interpretations Committee (SIC).

Compliance with IFRS

IAS 1.14 states:
 An entity whose financial statements comply with IFRS will make an explicit statement in the notes.
and without reservations, of said compliance. In the financial statements, it will not be declared that compliance with the IFRS has been met.
less than those who meet all the requirements of these.

When a Standard or an Interpretation is specifically applicable to a transaction, another event, or condition, the
the accounting policy or policies applied to that item will be determined by applying the relevant Standard or Interpretation, and
considering also any Relevant Implementation Guide issued by the IASB for that Standard or Interpretation.
[IAS 8.7]

If a Standard or Interpretation does not explicitly address a transaction, event, or condition, IAS 8.10-12 requires:

10. In the absence of a Standard or an Interpretation that specifically applies to a transaction or to

Other facts and conditions, management shall use its judgment in the development and application of a policy.
accounting, in order to provide information that is:

relevant to the economic decision-making needs of users; and

reliable, in the sense that the financial statements:

(i) present faithfully the financial situation, financial performance, and cash flows of the
entity
they reflect the economic essence of transactions, other events, and conditions, and not merely their form
legal
(iii) to be neutral, that is, free of prejudices or biases;
iv) be prudent; and
(v) are complete in all their significant aspects.

11. When making the judgments described in paragraph 10, management should refer to them in descending order.
following sources and consider their applicability:

(a) The requirements and guidelines established in the Standards and Interpretations that address similar topics and
related; and

(b) The definitions, as well as the recognition and measurement requirements, established for assets, liabilities,
income and expenses in the Conceptual Framework.

12. When making the judgments described in paragraph 10, management may also consider the pronouncements
more recent ones from other standard-setting institutions that use a similar conceptual framework when issuing
accounting standards, as well as other accounting literature and accepted practices in the different sectors of
activity, as long as they do not conflict with the sources mentioned in paragraph 11.

Chronology of IASC and IASB

Chronology

Events Leading to the Formation of IASB Before 1973

1966
o A proposal to create an International Study Group of Accountants is agreed upon by the professional bodies.
on accounting in Canada, the United Kingdom, and the United States to develop comparative studies of practices
accounting and auditing in the three nations.
1967
o An International Accounting Study Group is created. Precursor of the IASC.
1968
o First AISG study: comparison of inventory accounting practices in Canada, the United Kingdom and the USA.
AISG published a total of 20 studies until 1977, when it was dissolved. Some were used by IASC in its early stages.
norms.
1972
o Proposal for IASC is presented by Sir Henry Benson at the 10th World Congress of Accountants in Sydney.
Discussed with the three AISG countries (Canada, United Kingdom, and the USA).
o More debates were held on Benson's proposal to include representatives from Australia, France, Germany,
Japan, the Netherlands, and Mexico.

International Accounting Standards Committee (IASC) 1973-2000

Click here for more historical facts about IASC

1973
o Events
. Agreement to establish the IASC is signed by the representatives of the professional accounting organizations of
Australia, Canadá, Francia, Alemania, Japón, México, Países Bajos, el Reino Unido / Irlanda, y los Estados Unidos.
. IASC open a office in the 3 St Helen's Place, London.
Paul Rosenfield (USA, on behalf of AICPA) is appointed the first Secretary of IASC.
. IASC holds its inaugural meeting on June 29 in London.
. Sir Henry Benson is elected as the first president of IASC.
. IASC approves its initial program with three technical projects: Accounting Policies, Inventories, and statements
consolidated financials.
. Directors of the committees are appointed for the three projects (first steering committee of IASC).
. First meeting of a steering committee of the IASC (IAS 1, Disclosure of accounting policies).
. IASC holds Board meetings in London (2).
o Draft Exhibition Publication:
. None
o Publication of Final Regulations :
. None
1974
o Events
. The first associate members of IASC are admitted: Germany, Belgium, India, Israel, New Zealand,
Pakistan, and Zimbabwe.
. IASC holds Board Meetings in London (3) and Paris.
o Publication of Drafts of the Exhibition:
. E1 Disclosure of accounting policies
. E2 Valuation and Presentation of Inventories in the Context of the Historical Cost System
. E3 the consolidated financial statements and the equity method of accounting
o Final Standards Publication:
. None
1975
o Events
. Proposal to create an International Federation of Accountants (IFAC) to replace the Committee of the Committee
International Coordination for the Accounting Profession (ICCAP)
. IASC holds board meetings in London (3) and Montreal.
o Draft Exhibition Publication:
. E4 Accounting Depreciation
. E5 Information to be disclosed in the financial statements
o Publication of Final Standards:
. NIC-IAS 1 (1975) Disclosure of accounting policies
. NIC- IAS 2 (1975) Valuation and presentation of inventories in the context of the Historical Cost System
1976
o Events
. Joseph P. Cummings from the United States becomes president of the IASC.
. The group of Ten 'Bank Regulators finances an IASC project on banks' financial statements.
. The IASB holds Board meetings in London (2) and Washington.
o Publication of Drafts of Exposition:
. E6 Accounting treatment of price variations
. E7 State of Origin and Application of Funds
. E8 The treatment in the income statement of unusual items and changes in accounting estimates and policies
countable
o Publication of Final Standards:
. NIC 3 (1976) Consolidated financial statements
. NIC 4 (1976) Accounting Depreciation
. NIC 5 (1976) Information to be disclosed in the financial statements
1977
o Events
. The constitution of the IASC is revised to add two positions to the IASC Board (in addition to the 9 founding countries),
leaving a total of 11. Nine votes are needed to adopt a Standard, giving the 9 founding members the
substantial control. Furthermore, this revised Constitution identified the body issuing regulations as the IASC Board, and
not 'a committee'.
. IFAC is formed. AISG is dissolved. IASC holds board meetings in London, Amsterdam, and Edinburgh.
o Draft Publication of Exhibition:
. E9 Cost Accounting for Research and Development
. E10 Contingencies and events occurring after the balance sheet date
. E11 Accounting for Foreign Transactions and Translation of Foreign Financial Statements
. E12 Accounting for Construction Contracts
o Publication of Final Standards :
. NIC 6 (1977) Accounting in response to changes in prices
. NIC 7 (1977) Statement of Changes in Financial Position
1978
o Events
. John A. Hepworth from Australia becomes president of IASC.
. South Africa and Nigeria join the Board, increasing the size of the Board to 11.
. IASC holds Board meetings in London (2) and Perth (Australia).
. For the first time, IASC rejects a standard proposal (based on E11, Accounting for Transactions
Foreigners and Translation of Foreign Financial Statements), and a new management committee is appointed for a
new beginning.
. IASC starts conversations with the International Federation of Accountants (IFAC) on 'mutual commitments' with
regarding the relationship between the two organs.
o Publication of Drafts of Exposition:
. E13 Income Tax Accounting
. E14 Current assets and current liabilities
o Publication of Final Standards:
. NIC-IAS 8 (1978) Unusual items and prior periods and changes in accounting policies
. NIC -IAS9 (1978) Accounting for Research and Development Activities
. NIC - IAS 10 (1978) Contingencies and events occurring after the balance sheet date
1979
o Events
. Allan V. C. Cook becomes the secretary of IASC.
. IASC meets with an OECD working group on accounting standards.
. IASC holds board meetings in London (2) and Mexico City.
o Draft Exhibition Publication:
. None
o Publication of Final Rules:
. NIC-IAS 11 (1979) Accounting for Construction Contracts
. NIC-IAS 12 (1979) Accounting for Income Taxes
. NIC-IAS 13 (1979) Presentation of Current Assets and Liabilities
1980
o Events
. JA (Hans) Burggraaff from the Netherlands becomes president of IASC.
. IASC publishes a discussion paper on banks (project funded by the 'Group of Ten regulators of the
banks).
. IASC holds board meetings in London, Berlin, and Dublin
. The Intergovernmental Working Group on Accounting and Reporting meets for the first time. The IASC
proposes a cooperation job and suggests an agreement with the UN group.
o Draft Publication of Exhibition:
. E15 Financial Information of Segment Reports
. E16 Accounting for Retirement Benefits in Employers' Financial Statements
. E17 Information to reflect the effects of price changes
. E18 Accounting for Property, Plant, and Equipment in the Context of Historical Cost System
. E19 Accounting for Leases
o Publication of Final Standards:
. None
1994
o Events
. The IASC Advisory Council is established.
1995
o Events
. The European Commission supports the agreement between IASC and IOSCO to complete the core standards, and concludes
that the ISAs must be followed by multinational companies in the European Union.
1996
o Events
. The US SEC announces its support for the IASC's objective to develop accounting standards that could be used.
in the preparation of financial statements for the purpose of cross-border offerings.
1997
o Events
. The SIC is formed. Its mission is to develop interpretations of the IAS for formal approval by the IASC.
The Strategy Working Party is formed to make recommendations regarding future structures and operations.
of IASC.
1998
o Events
. The membership of IFAC/IASC expands to 140 accounting associations in 101 countries. With the approval of the IAS.
39 IASC completes the core standards.
1999
o Events
. The G7 finance ministers and the International Monetary Fund urge support for IAS to 'strengthen the
international financial architecture.
. The IASC Board unanimously approves its restructuring into a board of 14 members (12 of which are full-time
complete) under an independent board of trustees.
2000
o Events
. IOSCO recommends that its members allow multinational issuers to use IASB standards in the
offers and cross-border registrations.
. The ad hoc nominations committee is formed, chaired by the chairman of the US SEC Arthur Levitt, to nominate the
trustees who will oversee the new structure of IASB.
. The member bodies of IASC approve the restructuring of IASB and the new IASC constitution.
. The nomination committee announces the initial trustees.
. The trustees appoint Sir David Tweedie (chairman of the UK Accounting Standards Board) as the first
president of the restructured IASB.
2001
o Events
. The members and the new name of IASB are announced. The IASC Foundation is formed. On April 1, 2001, the new
The IASB assumes from the IASC the responsibilities for issuing accounting standards. The existing IAS and SIC are
adopted by IASB.
. IASB moves to its new offices at 30 Cannon Street, London. IASB meets with the chairs of its eight
link bodies with the issuers of the national accounting standard to begin coordinating agendas and
establish convergence goals. trustees.
2002
o Events
. The SIC is renamed as the IFRIC with the mandate not only to interpret existing IAS and IFRS but also
to provide timely guidance on matters not addressed in the IFRSs or in the IFRS.
. Europe requires IFRS for registered companies starting from 2005. IASB and FASB sign agreement.
set on convergence.
2003
o Publication of Final Regulations:
. New:
. The first final IFRS and the first draft of IFRIC interpretation are published.
. Reviews:
. The project of improvements - main revisions to NIC 14 is completed.
2004
o Events
. Extensive discussions about IAS 39 in Europe, leading to the endorsement of the EC with two sections of the IAS.
39 'carved'. The webcasting of the IASB meetings begins.
o Publication of Final Regulations:
. IFRS 2 to 6 are published
. IFRIC 1 to 5 are published
2005
o Events
. Meetings of the IASB working groups open to public observation.
. Constitutional changes are adopted including the increase of IASCF Administrators from 19 to 22.
increasing the IASB vote from a simple majority to 9 out of 14, and the independent chair of the SAC.
. A member of the IASB Board is appointed as chairman of the IFRIC.
. The SEC releases 'roadmap' for the elimination of the reconciliation from IFRSs to U.S. GAAP.
. First independent president becomes president of the SAC.
. New series of publications proposed by IASB, but abandoned after public comments: Corrections
Techniques.
. The IASCF Administrators form Appointments of Trustee for the Advisory Group. IASCF Trustees.
Trustee form Advisory Group of Appointments.
o Drafts of Exhibition Publication:
. Amendments to IFRS-IFRS 1 First-time Adoption of International Financial Reporting Standards
IFRS 6 for Exploration and Evaluation of Mineral Resources.
. Amendments to IAS 19 Employee Benefits
. Amendments to NIC–IAS 27 Consolidated and Separate Financial Statements
. Amendments to IAS 37 Provisions, Contingent Assets and Contingent Liabilities
. Replacement of IFRS-IFRS 3 Business Combinations
o Publication of Final Standards:
. New:
. IFRS 7 Financial Instruments: Disclosures
. Reviews:
. NIC 39 Financial instruments: recognition and measurement - Cash Flow Hedge of anticipated intragroup transactions
. NIC 39 Financial instruments: recognition and measurement - Fair value option
. Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and IFRS 6
Exploration and Evaluation of Mineral Resources
. Amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 4 Insurance Contracts regarding
to financial guarantee contracts
. Amendments to IAS 1 Presentation of Financial Statements regarding capital disclosures
. The amendment to IAS 21 Effects of changes in the exchange rate concerning the net investment in a foreign operation
foreign
. Publication of Final Interpretations :
. New:
. CINIIF-IFRIC 6 Obligations arising from participation in specific markets - Waste from electrical and electronic equipment
electronics
. The application of CINIIF-IFRIC 7 Application of the Restatement procedure according to IAS 29 Financial reporting
in hyperinflationary economies
. Revisions:
. IFRIC 3 Emission Rights - Removed
2006
o Events
. Update on the convergence agreement between IASB and FASB
. IASB Statement on Working Relationships with Other Accounting Standards Setters
. The Administrators publish the Due Process Manual for the CINIIF-IFRIC.
. The Administrators propose the steps for the due process for CINIIF-IFRIC.
. The IOSCO database on the application of IFRS-IFRS by securities regulators
. IASB announces that no new main standards will come into effect before 2009
o Publication of Draft Exhibitions:
. ED 8 Operating Segments
. Amendments to IAS - IAS 1 Presentation of Financial Statements: A Review on Presentation
. Amendment to IFRS-IFRS 2 Share-based Payments: Conditions for Granting and Cancellations
Cancellations
. Amendment to IAS 23 Borrowing Costs
. Financial instruments puttable at fair value and obligations under the liquidation clause
o Publication of Final Standards:
. New:
. NIIF-IFRS 8 Operating Segments
. Reviews:
o Publication of Final Interpretations:
. New:
. CINIIF-IFRIC 8 Scope of IFRS-IFRS 2
. CINIIF - IFRIC 9 New Assessment of Implicit Derivatives
. CINIIF-IFRIC 10 Interim financial reporting and Impairment
. CINIIF–IFRIC 11 IFRS 2 Transactions with Own and Group Shares
. CINIIF–IFRIC 12 Service Concession Agreement
. Reviews:
2007
o Events:
. The Board proposes a set of IFRS standards for entities that are not publicly accountable (SMEs)
. The Administrators publish the Due Process Manual CINIIF-IFRIC
. CINIIF-IFRIC expanded to 14 members, as of the 12
. The U.S. SEC votes to drop the reconciliation of IFRS to U.S. GAAP for individuals presenting a
registration request IFRS US SEC votes on the reconciliation of US GAAP to IFRS for registration
. The U.S. SEC is seeking opinions on the use of IFRSs in the U.S. by publicly traded companies.
Bag.
. The Administrators will propose to improve the management of public affairs, including a new body to oversee.
to IASCF and IASB.
o Draft Exhibition Publication:
. International Financial Reporting Standard for Small and Medium-sized Entities
. Amendments to IAS 24 Disclosure of Related Party Information
. Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards
. Amendments to IAS 39 - Exposures to meet the requirements for accounting hedges
. ED 9 Joint Agreements
. Amendments to IFRS 2 to CINIIF and 11 - Transactions with Own and Group Shares
. Amendments to IFRS 1 and IAS 27 - Cost of an Investment in a Subsidiary, Jointly Controlled Entity or
Associate
o Final Rules Publication:
. New:
. Reviews:
. NIC 23 Borrowing Costs
. NIC-IAS 1 Presentation of Financial Statements
o Publication of Final Interpretations:
. New:
. CINIIF-IFRIC 13 Customer Loyalty Programs
. CINIIF-IFRIC 14 NIC 19 - The Limit of Defined Benefit in an Asset, Minimum funding requirements and
your interaction
. Reviews:
2008
o Events:
. IOSCO declares urging companies to clearly indicate whether they fully comply with IFRS, as it was
approved by IASB, and if not, explain any differences.
. IASB and FASB are accelerating joint projects for completion with 2011 in mind, in anticipation of
the adoption of the IFRS by additional jurisdictions, including the United States, around 2014.
. The American Institute of Certified Public Accountants designates the IASB as an acknowledged standard setter according to
its rules of ethics.
 . The SEC proposes a 'roadmap' for the use of IFRS by local entities in the United States.
. The IASB's response to the global financial crisis includes new guidance on fair value measurement.
fast track amendments to IAS 39; acceleration of projects on fair value measurement and
consolidation; enhanced disclosures of financial instruments; and establishment of two advisory groups
experts.
o Publication of Drafts of Exposition:
. Chapter 1 and 2 of the Conceptual Framework - Objectives and Qualitative Characteristics
o Publication of Final Regulations :
. New:
. The first annual improvements to the Standard are issued.
. Reviews:
. IFRS 3 Business Combinations
. NIC 27 Consolidated and Separate Financial Statements
. IFRS 2 - Vesting Conditions and Cancellations
. NIC 32 - Puttable financial instruments and obligations under the clause Only in Liquidation
. Publication of Final Interpretations:
. New:
. IFRIC 16 and 17 are published.
. Reviews:
2009
o Events:
. IASB is expanded to 16 members (including a maximum of three part-time) and the mix is established.
geographical.
. The IASCF forms the oversight board made up of public authorities.
. Continues the response to the global crisis, which includes projects on the replacement of IFRS 39, including the
measurement of loan impairments.
o Publication of Final Regulations:
. New:
. IFRS 9 (Classification and Measurement of Financial Assets) is issued as the first phase of the replacement that the Board
section of IAS 39.
. The second annual improvements to the Standard are issued.
. Reviews:
. Amendments to IFRS 1, IFRS 2, IAS 24, 32 are issued
. Publication of Final Interpretations:
. New:
. IFRIC 18 and 19 are issued.
. Reviews:
. An amendment to IFRIC 14 is issued.
2010
o Events
. The revised conceptual framework for financial information is issued, reflecting the completion of Phase A.
(objectives and qualitative characteristics).
. The trustees complete part 2 of the review of the 2008-2010 Constitution that includes changes to
names as follows: IFRS Foundation (previously the IASCF Foundation); Interpretations Committee of the
IFRS (formerly the IFRIC) and the IFRS Advisory Council (formerly the Standards Advisory Council - SAC).
. IASB and FASB change the timeline for a series of their joint projects, prioritizing the projects
main ones and limiting the number of important drafts for public discussion.
o Publication of Final Standards:
. New:
. IFRS 9 (classification and measurement) requirements for financial liabilities are added as part of the first
phase of the replacement of IAS 39.
. The third annual improvements to the Standard are issued.
. The Statement on the practice of IFRS Administration's Comments is issued.
. Reviews:
. Amendments to IFRS 1, IFRS 7, and IAS 12 are issued.
2011
o Events:
. Hans Hoogervorst takes over from Sir David Tweedie as the chairman of IASB.
. IASB requests views on its first three-year agenda consultation.
. IASB issues revised draft for public discussion on recognition of ordinary revenue.
. IASB postpones the mandatory effective date of IFRS 9 until 2015 and adds disclosure requirements.
o Publication of Final Standards:
. New:
. The IFRS 10 to 13 are issued.
. Reviews:
. The amendments to NIC 27 and 28 are issued.
. Amendments to IAS 1 that provide guidance on the presentation of items included in other income
comprehensive income (OCI) and its classification within OCI. Amendments to IAS 19 are issued.
. Amendments to IAS 32 are issued.
. Publication of Final Interpretations:
. New:
. IFRIC 20 is issued.
. Revisions:
2012
o Events
. As of July 1, 2012, the IASB has 16 members.