Question 1: Describe the structure of the International Accounting Standards Committee Foundation (IASC Foundation). The purpose of this essay is to describe the structure of the IASC Foundation. The International Accounting Standards Board (IASB) is organized under an independent organization called the IASC Foundation. The IASC Foundation is a non-profit organization that acts in the public interest. The components of the restructured IASB include the Monitoring Board, the IASC Foundation, the IASB, the International Financial Reporting Interpretation Committee (IFRIC), the Standards Advisory Council (SAC) and working groups. (See Figure 1). The Oversight Committee was formed in January 2009 to improve the public accountability of the IASC Foundation without deteriorating the standard-setting process. The main objective of the monitoring was to establish a relationship between the financial market authorities and the IASC Foundation, because the financial market authorities can be effective in raising capital. Directors must prepare an annual report for the supervisory board. However, the supervisory board participates in the nomination and approval process and provides advice to directors on fulfilling their responsibilities. The IASC Foundation manages the work of the IASB and is responsible for fundraising activities. The IASC Foundation develops high-quality, globally accepted International Financial Reporting Standards (IFRS). The purpose of the IASC Foundation is to develop and issue policies. They neglect what the IASB does but do not interfere with the details of standard development. However, the IASC Foundation Trustees have the power to dismiss members whose performance is not good. The IASB is responsible for middle of paper......lle, A. (2008) International Financial Reporting: A practical guide. 1st ed. Harrow: Person.BiographyBlack, G. (2003) Student Guide to Accounting and Financial Reporting Standards. 9th ed. Harrow: Pearson. Elliot, B. and Elliot, J. (2009) Financial accounting and reporting. 13th ed. Harrow: Pearson.Financial Times (2006) Practical concerns emerge from conceptual questions. Available at: http://www.ft.com/cms/s/0/f98e6540-7aa7-11db-8838-0000779e2340.html [Accessed 24 February 2010]IASB (2010) Access unaccompanied IFRS. Available at: http://www.iasb.org/IFRSs/IFRS.htm [Accessed February 24, 2010] Latridis, N. & Joseph, LN (2005) “A conceptual framework for the choice of accounting policy according to SSAP 20”. Management audit journal. 20(7)pp. 763-778. Wood, F. & Sangster, A. (1999) Business Accounting 1. 8th ed. London: Financial Times.