Who are the two key international players in the development of international accounting standards?

QUESTION

Who are the two key international players in the development of international accounting

standards? Explain their role.
T he two key international players in the development of international accounting standards are the IASB (International Accounting Standards Board) and the IOSCO (International Organization of Securities Commissions). The IASB is a private accounting standards-setting body which acts independently for developing and approving International Financial Reporting Standards (IFRS) which was formed in 2001

cing the IASC ( International Accounting Standards Committee). IOSCO on the other hand ensures whether the global market is operating in an effective and efficient manner or not. It is basically a body responsible for setting international standards for securities markets.

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