INTERNATIONAL ACCOUNTING STANDARDS BOARDS

INTERNATIONAL ACCOUNTING STANDARD BOARD

• With a view of achieving these objectives, the London based group namely the International Accounting Standards Committee (IASC), responsible for developing International Accounting Standards, was established in June, 1973. 
• It is presently known as International Accounting Standards Board (IASB), The IASC comprises the professional accountancy bodies of over 75 countries (including the Institute of Chartered Accountants of India). 
• Primarily, the IASC was established, in the public interest, to formulate and publish, International Accounting Standards to be followed in the presentation of financial statements. International Accounting Standards were issued to promote acceptance and observance of International Accounting Standards worldwide. 
• The members of IASC have undertaken a responsibility to support the standards promulgated by IASC and to propagate those standards in their respective countries. 
• Between 1973 and 2001, the International Accounting Standards Committee (IASC) released International Accounting Standards. Between 1997 and 1999, the IASC restructured their organisation, which resulted in formation of International Accounting Standards Board (IASB). 
• These changes came into effect on 1st April, 2001. Subsequently, IASB issued statements about current and future standards; IASB publishes its Standards in a series of pronouncements called International Financial Reporting Standards (IFRS). 
• However, IASB has not rejected the standards issued by the ISAC. Those pronouncements continue to be designated as “International Accounting Standards” (IAS).