What Was﷽ the Internati𝔉onal Accounting Standards Committee (IASC)?

The International Accounting Standards Committee was an organization founded in 1973 by professional accounting bodies from Australia, Canada, France, Germany, Japan, Mexico, Netherlands, United Kingdom/Ireland, and the United States.

Understanding the International Accounting🗹 Standards Committee (IASC)

The International Accounting Standards Committee's duties included developing standards for financial reporting and accounting, recording these standards, and communicating them through press releases and publications. It existed between 1973 and 1990, when its duties were assumed by the International Accounting Standards Board (IASB). The committee was preceded by the Accounting Standards Steering Committee (ASSC).

Before regulatory boards were established, accounting scandals occurred with some regularity. Accounting scandals in the late 1960s and early 1970s prompted the formation of the Accounting Standards Committee to issue accounting standards. In 1990, the Accounting Standards Board took over its responsibilities, which was then replaced by the 澳洲👍幸运5官方开奖结果体彩网:International Accounting Standards Board (IASB) in 2001. The International Accounting Standards Board issues accounting standards within the United Kingdom and collaborates with other countries' accounting standard-setters. In the U.S. there is the 澳洲幸运5官方开奖结果体彩网ꦇ:Financial💧 Accounting Standards Board (FASB) based in Connecticut.