sentences:  IFRS Standards are developed by the International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation.The IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC), on March 1, 2001.This was the culmination of a restructuring based on the recommendations of the report "Recommendations on Shaping IASC for the Future".