The International Accounting Standards Board (IASB) is an independent organization responsible for developing and promoting international financial reporting standards. Established in 2001, the IASB aims to create a common accounting language that enhances transparency and comparability in financial statements across different countries. The standards set by the IASB, known as International Financial Reporting Standards (IFRS), are used by companies globally to ensure consistency in financial reporting. The IASB works closely with national standard-setters and stakeholders to improve and maintain these standards, fostering trust and efficiency in the global financial markets.