IASB stands for the International Accounting Standards Board. It is an independent accounting standard-setting body that develops and promotes the use of International Financial Reporting Standards (IFRS). The IASB was formed in 2001 to replace the International Accounting Standards Committee (IASC), which had developed the original set of international accounting standards known as International Accounting Standards (IAS).
The primary role of the IASB is to develop and publish new or revised accounting standards, which are then used by companies around the world to prepare their financial statements. The IASB operates under due process, which involves extensive consultations with stakeholders, including investors, regulators, and other accounting standard-setting bodies.