IASB has worked towards the implementation of Global Accounting standards which is named as International Financial Reporting Standards (IFRS). IASB’s current approach is to wider corporate reporting.
Following are the characteristics of IASB:
1. Setting up Guidelines: IASB considers and suggest an improvement in which Accounting Standards need to be developed.
2. Relevance: Relevant information can make a difference in the decisions made by users. IASB is working for the distinction of making a difference in decisions if it has predictive value, confirmatory value, or both.
3. More Transparency: IASB has founded the IFRS Standards to accommodate the misuse and the covering for essential financial statement by providing improved and internationally recognized set of accounting standards that sets transparency, accountability and efficiency to financial markets around the world.
4. Faithful Representations: Financial information must faithfully present what its implications to represent. Faithful representation has three characteristics: completeness, neutrality and freedom from error.