International Accounting Standards

Topics: International Financial Reporting Standards, International Accounting Standards Board, Financial statements Pages: 4 (1333 words) Published: August 18, 2009
International Accounting Standards
What is the International Accounting Standards Board? This paper will give a brief overview on the history of the International Accounting Standards, starting with the role of the IASC Foundation, the structure of the IASB and the number of accounting standards currently published. Next, it will explain the steps in creating an international accounting standard in accordance with due process and it will show the mailing address and phone number. Lastly, there will be a summary of two most recent accounting standards issued by the IASB. By the early 1970’s businesses started expanding globally. With the expansions, companies were finding their financials incomparable to other companies in other countries due to different reporting standards. In 1973 the International Accounting Standards Committee was formed to implement a body of standards, interpretations and conceptual frameworks and other guidance’s that were adopted by companies (Deloitte IAS Plus, 2007). Starting late in 1997 the IASC formed a Strategy Working Party to re-examine the structure and strategy. After the Party published the report in 1998, there were the discussions and the final report from the Party in November 1999. There was a unanimous vote of approval in December 1999 from the board. In May of 2000, the members of the IASC voted their approval also. On April 1, 2001, the International Accounting Standards Board (IASB) had a new constitution and took over the IASC (Deloitte IAS Plus (2007). The goal of the ISAB is to develop a single set of international accounting standards. The structure of the new IASB is the IASC Foundation, which consists of 22 trustees that appoint, oversee, and raise funds. They are over the Board, the Standards Advisory Council, and the International Financial Reporting Interpretation Committee. The Board consists of 12 full time and 2 part time people. The Board sets the technical agenda, approve standards, exposure drafts and...
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