SESSION 21  Regulatory framework
　　Main Contents:
　　1. Regulatory framework
　　2. The rules and structure of IASB
　　3. The IFRSs and IASs process
　　21.1 Regulatory framework
　　●The role of international accounting standards
　　- International accounting standards are the rules that govern accounting for transactions.
　　- They don’t have the force of law. They are effective only if adopted by the national
　　Regulatory bodies.