CH1. Standard-Setting Organizations

1. IOSCO(국제증권감독자기구, International Organization of Securities Commissions)

• 세계 증권 및 선물 시장 연합
• 회계기준 설정하는거 아님
• 글로벌 시장이 효율/효과적이도록 전념함.  It promotes high standards of regulation, exchange information on their experience, and unite their efforts to establish standards.
• 국경을 넘어 단일 국제 회계 기준으로써 IFRS 사용 지원 

2. IASB(국제회계기준위원회, International Accounting Standards Board)

• Issues International Financial Reporting Standards (IFRS).
• Standards used on most foreign exchanges.
• IFRS used in over 149 jurisdictions and expanding.
• Has the best potential to provide a common platform.
• Organizations that have a role in international standard- setting are the International Organization of Securities Commissions (IOSCO) and the IASB.

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1. IFRS Foundation (IFRS재단): Oversight to the IASB, IFRS Advisory Council, IFRS Interpretations Committee + 위원회 임명, 효과 검토, 기금 마련
2. International Accounting Standards Board (IASB): Develops a single set of high-quality, enforceable, and global international financial reporting standards for general-purpose financial statements. 재무 보고 기준 개발
3. IFRS Advisory Council (IRFS자문위원회): Provides advice and counsel to the IASB on major policies and technical issues.
4. IFRS Interpretations Committee (IFRS해석위원회): Assists the IASB through timely identification, discussion and resolution of financial reporting issues.
5. Monitoring board (감시위원회):  accounting standards setters 과 public authorities (예: IOSCO)를 연결함. 

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Due Process(적법한 절차): IASB due process has the following elements

1. 독립적인 기준 설정 위원회 Independent standard-setting board;
2. standards 개발을 위한 체계적인 프로세스 갖춤. 
3.  investors, regulators, business leaders, the global accountancy profession 과 모든 단계에서 협력해 의견 수렴
4. 전 세계 기준 설정 커뮤니티와의 협력적 노력이 포함 됨. 

• Membership: 14 full-time members for five-year renewal terms. 
• Autonomy: Independent and only reports to the IFRS Foundation.
• Independence: Must cut off all ties from their past employer.
• Voting: 8 of 14 votes are needed to issue a new IFRS.

3. Hierarchy of IFRS

(1) 공표 방법

1. IFRS: 41개의 국제회계기준. Principle-based, Fair Value, Consolidation, Disclosure 중요. 
2. The Conceptual Framework for Financial Reporting
3. International Financial Reporting Standards Interpretations(해석위원회) : 다루지 않은 새로운 재무 보고 문제, 불만족스럽거나 상충되는 해석 문제를 다룬다
4. IASB는 민간조직. 규제 권한이 없음. 규제 기관에 의존해 기준의 사용을 강제하는 것

(2) companies first look to .. 

1. IFRS
2. The Conceptual Framework for Financial Reporting
3. 유사한 개념적 틀을 사용하는 기타 기준 설정 기관의 발표(ex- US GAAP)
* 우선규칙(Overriding rule): A Fair Presentaion (True and Fair View)