International accounting standard board (IASB) has been set up to to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs), to promote the use and rigorous application of those standards, to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and to bring about convergence of national accounting standards and IFRSs to high quality solutions.
