International Harmonization and International Financial Reporting Standards (IFRS)

Essay Paper > International Harmonization and International Financial Reporting Standards (IFRS)
  • Posted onJune 18, 2018
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The IASC was formed in 1973 and over the next 28 years, the committee established standards

 

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1973 – 2001  41 International Accounting Standards (IAS) were written

  • 12 are either no long in effect or were replaced
  • 27 standards are still in effect (see below)

 

In March 2001, the International Accounting Standards Committee (IASC) Foundation was formed as a not-for-profit corporation incorporated in the State of Delaware, US. The IASC Foundation is the parent entity of the International Accounting Standards Board, an independent accounting standard-setter based in London, UK.