IASB: Barriers fall as new world order fast emerges

For the International Accounting Standards Board (IASB), success is producing headaches as well as plaudits. It was set up in 2001 with the task of bringing order to international financial reporting standards (IFRS).

Then IASB was then thrust into the front line by the European Commission’s decision that all listed companies in Europe should follow IFRS from 2005 onwards.