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Cayman Islands Institute of Professional Accountants
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International Standards

International Standard Setting Boards

International Accounting Standards Board (IASB)

The International Accounting Standards Board is responsible for the development and publication of International Financial Reporting Standards (IFRS) including the IFRS for Small and Medium Sized Entities (SMEs) Accounting Standard. The IASB is also responsible for approving interpretation of IFRS Accounting Standards as developed by the IFRS Interpretations Committee (formerly IFRIC).

International Auditing and Assurance Standards Board (IAASB)

The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality management that strengthen public confidence in the global profession.

International Accounting Education Standards Board (IAESB)

The International Accounting Education Standards Board established standards for professional accountancy education that prescribe technical competence and professional skills, values, ethics, and attitudes.

International Ethics Standards Board for Accountants (IESBA)

The International Ethics Standards Board for Accountants sets high-quality, internationally appropriate ethics standards for professional accountants, including auditor independence requirements.

International Public Sector Accounting Standards Board (IPSASB)

The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general-purpose financial statements.

International Sustainability Standards Board (ISSB)

The ISSB is developing, in the public, interest, standards that will result in a high-quality, comprehensive global baseline of sustainability disclosures focused on the needs of investor and the financial markets.

 

United States Standard Setting Boards

American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB)

The Auditing Standards Board is designed by the American Institute of Certified Public Accountants to issue auditing, attestation, and quality control statements, standards and guidance to certified public accountants for non-public company audits.  United States Generally Accepted Auditing Standards were issued by the American Institute of Certified Public Accountants.

Financial Accounting Standards Board (FASB)

The Financial Accounting Standards Board establishes financial accounting and reporting standards for public and private companies and not-for-profit organisations that follow. Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the U.S. Securities and Exchange Commission as the designated accounting standard setter for public companies. 

The Accounting Standards Codification (ASC) is the current single source of GAAP maintained by the FASB.

Public Company Accounting Oversight Board (PCAOB)

The PCAOB seeks to establish and maintain high quality auditing and related professional practice standards for audits of public companies and other issuers and broker-dealers in support of the PCAOB mission to protect investors and further the public interest in the preparation of informative, accurate, and independent audit report.

 

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