21.2 The rules and structure of IASB.
　　The IASC Foundation:
　　- Supervisory body
　　- Objective:
　　-- Develop, in the public interest, a single set of high-quality accounting standards;
　　-- Promote the use and rigorous application of those standards
　　-- Bring about the convergence of national accounting standards and international accounting standards.
　　The IASB:
　　- Responsible for issuing new international Financial Reporting standards (IFRSs)
　　The IFRIC:
　　- Issue rapid guidance where there are differing interpretations of IASs/IFRSs.
　　The SAC:
　　- Advise the IASB in developing new accounting standards.
　　Generally Accepted Accounting Practice (GAAP)
　　- A set of accounting practices applied in a given country or context.
　　- For an individual country, GAAP is a combination of legislation, accounting standards, stock exchange requirements and , in areas where detailed rules do not exist, other acceptable accounting practices.
　　- In an international context, GAAP means accounting practice as defined in IASs, with each country adding its own local requirements and practices.