The International Accounting Standards Board (IASB) was formed to deal with the proliferation of country- or jurisdiction-specific accounting principles.

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The IASB was created in 2001 to develop a single set of globally accepted accounting standards. Its aim is to ensure that financial reporting is transparent and comparable across international boundaries, thus reducing the difficulties and inconsistencies that arise when companies need to conform to different sets of accounting standards in different countries.

The International Accounting Standards Board (IASB) Was Formed to Deal