This document provides information on several major supranational organizations: 1. Supranational organizations like the United Nations and European Union allow member countries to delegate some authority over certain issues to establish international norms and prevent conflicts between nations. 2. Some of the oldest and largest supranational organizations discussed are the United Nations, World Bank, International Monetary Fund, and World Trade Organization, which work to promote global cooperation on political, economic, financial, and trade issues. 3. Other supranational professional organizations mentioned that establish international standards and best practices include the International Accounting Standards Board, International Federation of Accountants, and World Health Organization.

1. SUBMITTED BY
MALIK MUHAMAD ALI
ROLL NO: 2332-BC-2018
SEMESTER: VIII
SUBMITTED TO
MAM. ANUM FAHIM
COURSE: International Business
B.com (Hons.) Session 2018-22
Department of Commerce and Finance
Government College University, Lahore.

2. INTRODUCTION:
A supranational organization is a multinational union or association in which member countries
delegate authority and sovereignty over at least certain internal concerns to the group, and the
group's decisions are binding on all members. In brief, member nations participate in decision-
making on issues that impact their citizens.
A supranational organization provides a means of establishing worldwide norms that control the
activities of nations in order to avoid wars. Members of supranational organizations such as the
European Union and the World Trade Organization agree to relinquish sovereignty over some
problems to the group. They frequently provide member states with more collective power in
international issues.
HISTORY:
The International Telecommunication Union was the earliest and oldest international
organization, having been established under a treaty and creating a permanent secretariat with a
global membership (founded in 1865). The League of Nations was the first general international
organization, tackling a wide range of topics. Following World War II, the United Nations
adopted this concept.
FUNCTIONS:
A supranational organization provides a mechanism for establishing international laws
controlling national affairs with the goal of preventing conflicts. The potential for achieving
more near-optimal levels of environmental protection, cost savings from reduced duplication and
managerial economies of scale, and the strengthening of environmental interests in negotiations
on the coordination of the environment are all advantages of such an organization.
MAJOR SUPERANATIONAL ORGANIZATIONS:
United Nations (UN)
The United Nations, commonly referred to as the U.N., is an international nonprofit
organization formed in 1945 to increase political and economic cooperation among its member
countries. The U.N. grew out of the League of Nations following World War II; now, nearly
every country in the world is a member. It has five principal component parts, including the
U.N. Economic and Social Council, which coordinates the work of 15 specialized agencies.
Functions of UN
Its functions include reducing international tensions, promoting human rights, and decrease the
possibility of other large-scale conflicts. It is a successor to the League of Nations. Overall, the
United Nations has done a lot of good through relief and development organizations like
Children's Fund (UNICEF).

3. The International Monetary Fund (IMF)
The International Monetary Fund (IMF) is an international organization that provides member
countries with financial aid and guidance. The International Monetary Fund (IMF) was founded
in 1944. It was established, along with the World Bank, to bring financial stability to the world
following World War II. Quota subscriptions are used to fund the IMF. Member states pay a
quota based on the size of their economies, and this quota determines voting rights. When
member nations have financial difficulties, they can seek advice and financial support from the
IMF. Out of 195 countries 190 are its members.
World Bank Organization
The World Bank Group (WBG) was founded in 1944 as the International Bank for
Reconstruction and Development (IBRD) to help reconstruct Europe after WWII. It is one of a
number of organizations attempting to influence the global economy.
Functions
Today, the World Bank works to alleviate poverty by providing development aid to low- and
middle-income countries. The World Bank aspires to alleviate poverty through assisting people
in helping themselves by providing loans, advice, and training in both the private and public
sectors.
The World Trade Organization (WTO)
The World Trade Organization (WTO) is a global organization with 164 member countries that
regulates international trade rules. Its purpose is to keep trade moving as smoothly and
predictably as possible. The WTO was born out of the General Agreement on Tariffs and Trade
(GATT), which was established in 1947.
Functions
The main function of WTO is to ensure that trade flows as smoothly and predictably as possible.
If a trade dispute occurs, the WTO works to resolve it.
Bank for International Settlements (BIS)
Headquartered in Basel, Switzerland, the Bank for International Settlements (BIS) is a bank for
central banks. Founded in 1930, the Bank for International Settlements is the oldest global
financial institution and operates under the auspices of international law. But from its inception
to the present day, the role of the BIS has been ever-changing as it adapts to the dynamic global
financial community and its needs.
Function
In its aim to support global financial and monetary stability, the BIS is an integral part of the
international economy. As the bankers' bank, the BIS serves the financial needs of member
central banks. It provides gold and foreign exchange transactions for them and holds central bank
reserves. The BIS is also a banker and fund manager for other international financial institutions.

4. International Court of Justice
The International Court of Justice is the principal judicial organ of the United Nations. The ICJ
was established in 1945 by the San Francisco Conference, which created the UN. The court's
inaugural sitting was in 1946. It consists of 15 judges elected to nine-year terms by the UN
General Assembly and Security Council.
Functions
Its two primary functions are to settle, in accordance with international law, legal disputes
submitted by States, and. To give advisory opinions on legal questions referred to it by
authorized UN organs and specialized agencies. It is not a supranational organization.
World Health Organization (WHO)
The World Health Organization (WHO) is a charitable organisation. Health care, financial
protection, creating norms and standards, policy formulation, monitoring, and measuring health
trends are all priorities for the Organization. Switzerland is served by the World Health
Organization.
Functions
It is responsible for providing leadership on global health matters, shaping the health research
agenda, setting norms and standards, articulating evidence-based policy options, providing
technical support to countries and monitoring and assessing health trends.
International Accounting Standards Board (IASB)
The International Accounting Standards Board (IASB) is an independent, private-sector body
that develops and approves International Financial Reporting Standards (IFRSs). The IASB
operates under the oversight of the IFRS Foundation. The IASC Foundation is the parent entity
of the International Accounting Standards Board, an independent accounting standard-setter
based in London, UK. The International Accounting Standards Committee, formed in 1973, was
the first international standards-setting body. It was reorganized in 2001 and became an
independent international standard setter, the International Accounting Standards Board (IASB).
Since then, the use of international standards has progressed.
Functions
Globally comparable accounting standards promote transparency, accountability, and efficiency
in financial markets around the world. This enables investors and other market participants to
make informed economic decisions about investment opportunities and risks and improves
capital allocation.
International Federation of Accountants (IFAC)
The International Federation of Accountants (IFAC) was founded on 7 October 1977, in Munich,
Germany, at the 11th World Congress of Accountants. Today, it is a voluntary accounting
membership body with more than 6,500 members. Members fall into membership tiers,

5. according to experience and qualifications. More than fifty percent of members are employed in
business, the public sector or academia.
Functions
The International Federation of Accountants (IFAC) is an international association for the
accountancy profession. IFAC supports the development, adoption, and implementation of high-
quality international standards.