<\/p>\n
The International Accounting Standards Board (IASB) is responsible for global standards known as the International Financial Reporting Standards (IFRS), sometimes called International GAAP. The aim is to bring consistency and transparency critical for regulatory and reporting requirements across jurisdictions and industries. Historical cost is often used in financial records; however, it may be more relevant to present the current value of assets that turn over actively, such as marketable securities.<\/p>\n