Paper introduces readers with the history of International Accounting Standards Board (IASB) as one of the most popular accounting organisations in the world, which provides International Financial Reporting Standards, and to its aim, objectives, assignments, the structure of organisation, way of financing, and also standard-setting activities. Moreover, there are brought up problems that appear according to existing differences in financial reporting of different countries around the world, and also the need to conduct harmonisation process of accounting on the global level in order to achieve the comparability of financial statements. Related to that, there are shown the most important results of International Accounting Standards Board and Federal Accounting Standards Board in respect of convergence process, apropos coordination of IFRS and US GAAP-s. In a paper there was also conducted comparative and structural analysis of financial statement and analysis of application of International standards in the financial reporting of Board, in order to determine financial position and efficiency of organisation's activities.