Essay about Role and Evolution of Iasb

" The role and history of the International Accounting Standards Board, including a great examination of the Board's advancement and posture on ethics issues. "

The International Accounting Specifications Board, (IASB), began life as the International Accounting Standards Committee (IASC) in the 1973. The IASC was created in Summer 1973 due to an agreement by the accountancy body of Down under, Canada, France, Germany, Japan, Mexico, holland, the United Kingdom and Ireland plus the United States. These countries constituted the Table of IASC at that time.

The international professional activities of the accountancy bodies were organized under the Intercontinental Federation of Accountants (IFAC) in 1977. In 81, IASC and IFAC agreed that IASC would have full and complete autonomy in setting intercontinental accounting requirements and in creating discussion documents on intercontinental accounting issues. At the same time, almost all members of IFAC became members of IASC. This kind of membership website link was discontinued in May 2150 when IASC's Constitution was changed within the reorganization of IASC.

The main objective with the IASC was the development of Intercontinental Accounting Criteria, in an effort to decrease the differences in accounting practices across countries. Harmonization is the name given to the process of lowering differences in economic reporting techniques and raising comparability of financial statements in various countries. Consequently the purpose of the IASC was to build a set of accounting rules that could be relevant and consistent to all or any countries involved.

The IASC started out with the ten board members above although gradually extended this quantity and also added associate people along the way. The first publicity draft was published in 1974 and in 1981 the corporation began to shell out visits to national standard-setters in its work to reduce the diversity of economic reporting techniques. The IASC started it is comparability job in 1987 and the pursuing...

References: www.iasb.org, www.iasplus.com

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