The IASB is a private organization that operates independently to create a best-practices protocol known as International Financial Reporting Standards (IFRS). Though based in the UK, the IASB follows rules to ensure that its 14-member board reflects a geographical balance, including members from Asia and Oceania, Europe, Africa, and the Americas. The IASB itself was formed in 2001, but it evolved out of the International Accounting Standards Committee (IASC), which was founded in 1973.