10
•
IASC
should
be
replaced
by
International
Accounting
Standard
Board
(IASB)
•
The
new IASB
should
have a Standards Advisory Council
(SAC)
to
give
advice to the board
•
IASB
should
operate
under
IASC
Foundation
(IASCF)
with
regents
that
are
from all
regions
of
the
world
and
all
groups
that
related
to
financial
accounting
•
SIC have
to
modified
in
terms of
International Financial
Reporting
Interpretations Committee (IFRIC)
After these reviews, IASC
has been modified
into IASB to continue creating
the
global
accounting
standard.
The
IASB
has
14
members
(12
full-timers
and
2
part-
timers),
that
are responsible
to formulate
and
promote
IFRSs
and
approving
interpretations that developed by IFRIC. Based on Alfredson et al (2005), the objectives
of
IASB
are:
(a)
develop
a
single
set
of
standard
that
has
high
quality,
understandable
and
meet
the
expectation
of
global
accounting
standards
that
require
transparent,
high
quality comparable information in financial statements to help financial users make
economic decisions; (b) promote the use and application of the standard; (c) make the
convergence between the
national accounting standards and the
international accounting
standards (which is the IFRS) as high quality solutions
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