Problem: A manager you work for is making a business trip to London. The manager has several meetings at the company's operating units in London. In addition, the manager is considering a visit to the International Accounting Standards Board (IASB) office in London. The manager has asked you to perform some research on the IASB so that he will have some background information for his visit. (Hint: A helpful search term is "International Accounting Standards Board.") Locate the following information and incorporate this information into a two- to three-page report.
Required (through use of the Internet)
a. Provide a brief history or discussion of the IASB, making sure to include the following additional facts:
(1) The role of the IASC Foundation.
(2) Structure of the IASB.
(3) Number of accounting standards currently published.
(4) Explanation of the steps involved in creating an international accounting standard in accordance with due process.
(5) Local mailing address and phone number.
b. Briefly summarize the two most recent accounting standards issued by the IASB.