International Accounting Standards
Standards were hitherto pronounced bv International Accounting Standards Committee (IASC )
.IASC was founded in June 1973 as a result of an agreement by accountancy
bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United
States, and these countries constituted the Board of IASC at that time.
IASC has been
superseded in April, 2001 by The International Accounting Standards Board (IASB) In March 2001, the International Accounting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
as a parent entity of the IASB.
Accounting Standards Board (IASB) is an independent, privately-funded accounting standard-setter based in London, UK. The
Board members come from nine countries and have a variety of functional backgrounds.
In addition, the IASB co-operates with national accounting standard-setters to achieve convergence in accounting standards
around the world .
IASB publishes its Standards in a series of pronouncements called International Financial
Reporting Standards (IFRS). It has also adopted the body of Standards issued by the Board of the International Accounting
Standards Committee (IASC). Those pronouncements continue to be designated "International Accounting Standards" (IAS).
The following is the list of extant International Accounting Standard currently in force or issued recently
and not yet effective.