What is the difference between IASB and FASB?

IASB and FASB are the short forms of the International Accounting Standard Board, and Financial Accounting Standard Board, respectively. Both IASB and FASB are similar in terms of function because they help in establishing and improving the standard of financial accounting and report. However there are some differences between them. IASB (International Accounting Standard Board) is an organization established in 2001, and it is located in London, while FASB was founded in 1973 and it is based in the United States. One of the significant differences between IASB and FASB is their mode of operation.

IASB is responsible for the development of international standards of financial accounting and reporting, including the promotion of various measures and applications to regulate the standards. FASB, on the other hand, deals with the reviewing of the effects of the newly established financial principles or rules. Another difference is that; the operating budget of FASB is always higher than the operating budget of IASB.