IASB -International Accounting Standards Board : IASB is an independent body based in London, which is responsible for setting accounting standards. IASB started operations in the 2001, after the IASC went out of existence. The IASB has a total of 16 members, each having one vote. Roy Dodge (2007). One of the main responsibilities of the IASB is to develop the international financial reporting standards and to approve the standards developed by the IFRIC (International Financial Reporting Interpretations Committee).