International Accounting Standards Board (IASB) which is a not-for-profit, public interest organization established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards called International Financial Reporting Standards (IFRS). As of the end of 2017, 126 countries now require the use of International Financial Reporting Standards for all or most publicly listed companies, whilst a further 12 countries permit its use. On the other hand, The Financial Accounting Standards Board (FASB) is the primary accounting standard-setting body in the United States and issues Financial Accounting Standards that are called Generally Accepted Accounting Principles (GAAP) which is a common set of standards used by accountants in United States.