**IASB stands for International Accounting Standards Board.** The correct answer is option 'D'.

**Explanation:**
The International Accounting Standards Board (IASB) is an independent, private-sector organization that develops and sets accounting standards known as International Financial Reporting Standards (IFRS). The IASB is responsible for setting high-quality global accounting standards that are used by companies in the preparation of financial statements.

The IASB was established in 2001 to replace the International Accounting Standards Committee (IASC). The IASB operates under the oversight of the International Financial Reporting Standards Foundation (IFRS Foundation), which is an independent organization based in the United States.

**Key Points:**
- The IASB is responsible for developing and issuing International Financial Reporting Standards (IFRS).
- IFRS are a set of accounting standards that provide guidelines for the preparation and presentation of financial statements.
- The IASB's primary objective is to develop and promote the use of high-quality global accounting standards.
- The IASB is made up of a board of 14 members who are responsible for setting the standards and ensuring their implementation.
- The IASB works closely with national standard-setting bodies and other stakeholders to ensure that the standards are effective and meet the needs of users of financial statements.
- The IASB's standards are used by companies in over 140 countries around the world.
- The IASB's standards are designed to enhance the comparability, transparency, and reliability of financial statements, making it easier for investors and other users to make informed decisions.
- The IASB also works on projects to improve and update existing standards, as well as to develop new standards in response to emerging issues and developments in the global economy.
- The IASB's standards are used by both public and private companies, as well as by not-for-profit organizations and government entities.
- The IASB's standards are designed to be principles-based, providing a framework for the preparation and presentation of financial statements that allows for flexibility and judgment by preparers.
- The IASB's standards are subject to a rigorous due process, which includes extensive consultation with stakeholders and a thorough analysis of the potential costs and benefits of proposed changes.

In conclusion, the IASB is an internationally recognized standard-setting body that is responsible for developing and issuing high-quality accounting standards known as IFRS. These standards are used by companies around the world to prepare their financial statements.

D