ASCA Jordan

IASB

Given commitment of ASCA (Jordan) to developing accounting and auditing professions, providing accounting and professional services to both its members and other Arab citizens, promoting competence, developing practice and bringing the professional conduct up to the highest professional standards, the Society, the only Arab entity to achieve this, obtained a license from the IASB and IASC Foundation to translate into Arabic and publish the following important documents:
- IFRSs
- XRBL Project

In cooperation with the IASB and IASC Foundation, ASCA (Jordan) translated the said books into Arabic and published them globally.

The IASC Foundation is an independent- not-for profit private sector organization working in the public interest. Its principal objectives are:-

- To develop, through its standard-setting body, the IASB, a single set of high-quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs);
- To promote the use and rigorous application of those standards;
- To take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and
- To bring about convergence of national accounting standards and IFRSs to high-quality solutions.

The governance and oversight of the activities undertaken by the IASC Foundation and its standard-setting body rests with its Trustees, who are also responsible for safeguarding the independence of the IASB and ensuring the financing of the organization. The Trustees are publicly accountable to a Monitoring Board of public authorities.

Standard- setting
The IASB (International Accounting Standards Board)

The IASB is the independent standard-setting body of the IASC Foundation. Its members (currently 15 full-time members) are responsible for the development and publication of IFRSs, including the IFRS for SMEs, and for approving Interpretations of IFRSs as developed by the IFRIC. All meetings of the IASB are held in public and are webcast. In fulfilling its standard-setting duties the IASB follows a thorough, open and transparent due process, of which the publication of consultative documents, such as discussion papers and exposure drafts, for public comment is an important component. The IASB engages closely with stakeholders around the world, including investors, analysts, regulators, business leaders, accounting standard setters and the accountancy profession.