International Accounting Standards Board

About IASB

The International Accounting Standards Board (IASB) is the independent standards-setting body responsible for developing International Financial Reporting Standards (IFRS). Established in 2001 as successor to the International Accounting Standards Committee, the IASB develops global accounting standards used in over 140 countries for financial reporting.

The IASB serves global capital markets by establishing international accounting standards that provide transparency and comparability in financial reporting across countries. Their standards are required or permitted in most major economies outside the United States, which uses US GAAP.

Service Offerings

The IASB's core functions include:

• Standards Development: Develop and maintain International Financial Reporting Standards (IFRS) for global use.
• IFRS Interpretations: Issue guidance on applying IFRS in specific scenarios through the IFRS Interpretations Committee.
• Global Convergence: Work toward convergence between IFRS and national accounting standards including US GAAP.
• Educational Resources: Provide implementation guidance, training materials, and technical support for IFRS adoption.

The IASB operates as an independent standard-setter under the IFRS Foundation, funded by contributions from accounting firms, corporations, and financial institutions rather than government funding.

Approach and Positioning

The IASB positions itself as the developer of global accounting standards that promote transparency, accountability, and efficiency in financial markets worldwide. They emphasize principles-based standards compared to more rules-based frameworks, focusing on substance over detailed requirements.

What sets the IASB apart is their global scope: IFRS is used in over 140 countries, making it the most widely adopted set of accounting standards internationally, though the US remains on US GAAP for domestic reporting.

Key functions include:

• Authority for international accounting standards (IFRS)
• Global adoption across most major economies
• Principles-based approach to standard-setting
• Ongoing convergence efforts with national standard-setters

How Omniga Compares to IASB

The IASB is an international accounting standards organization, while Omniga is a finance orchestration platform and services provider—they operate in entirely different domains with no overlap.

The IASB sets international accounting standards that define how financial transactions should be recognized and reported globally. Omniga provides software and services for executing finance operations: categorizing transactions, managing workflows, and producing reports. In practice, finance professionals using Omniga may work with companies following either IFRS or US GAAP, and apply the relevant accounting standards when categorizing and reporting transactions.

Key differences:

• Type: IASB is an international standards-setting body; Omniga is a commercial software and services company
• Function: IASB develops accounting standards for global use; Omniga provides tools and services for operational finance work
• Scope: IASB serves global capital markets and standard-setting; Omniga serves specific customers with finance platform and services

The IASB sets international accounting standards; Omniga helps finance teams execute work while following those standards (or US GAAP, depending on jurisdiction).