The International Accounting Standards Board (IASB) is an independent organization that develops and maintains a set of accounting standards known as the International Financial Reporting Standards (IFRS). These standards aim to create a common financial reporting language that can be understood globally, making it easier for investors and businesses to compare financial statements across different countries. The IASB was established in 2001 and works to improve the transparency and consistency of financial reporting worldwide. By promoting the use of IFRS, the IASB helps ensure that financial information is reliable and comparable, which is essential for making informed economic decisions in the global marketplace.