The IASB replaced the International Accounting Standards Committee in 2001.
The International Accounting Standards Committee (IASC) was created in London in 1973 by accountancy bodies from 10 countries. Its goal was to reduce differences among national accounting practices by developing International Accounting Standards, or IAS.
On 1 April 2001, the IASC was restructured and succeeded by the International Accounting Standards Board (IASB). The new board operated under a foundation-based governance structure and was designed to be a more independent and authoritative global standard-setter. The IASB adopted the existing body of IAS and began issuing new standards under the name International Financial Reporting Standards, or IFRS.
A common mix-up is confusing the 2001 institutional change with later IFRS milestones. For example, the European Union agreed in 2002 that IFRS would apply to many listed companies’ consolidated accounts from 2005. The IASB remains responsible for developing IFRS, while national regulators and jurisdictions decide how those standards are adopted or endorsed locally.