In March 2001, the International Accounting Standards Committee Foundation (IASCF) was established as a non-profit organization in Delaware, USA. The International Accounting Standards Board (IASB) under the foundation is an independent accounting standard-setting organization headquartered in London, England.

On April 1, 2001, the IASB took over the responsibility for formulating international accounting standards (IFRSs) from its predecessor, the International Accounting Standards Committee (IASC). This marks the basic completion of the major reorganization of the IASCF by relevant parties.

The main structural features of the International Accounting Standards Board are as follows: The International Accounting Standards Committee Foundation (IASCF) is an independent organization, which includes two major entities: the Trustee and the International Accounting Standards Board. Standards Advisory Committee (SAC) and International Financial Reporting Interpretations Committee (IFRIC). The IASB directors are appointed by the trustees, who are also responsible for carrying out reviews and raising the required funds, while the formulation of accounting standards is exclusively responsible for the IASB.

The IASB is composed of 14 directors, appointed by the trustees, of whom 12 are full-time members and 2 are part-time members. The first requirement for board membership is technical expertise. The selection of Board members is not based on regional representation and the Trustees shall ensure that the Board is not swayed by the interests of any particular country or region.

The board members come from 9 countries and have different professional backgrounds. The IASB aims to develop high-quality, easy-to-understand and feasible international financial reporting standards. The standards require that financial reports disclosed to the public should be clear and comparable. In addition, the IASB will also join forces with accounting standard-setting bodies around the world to achieve international convergence of accounting standards.