International Accounting Standards Committee


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International Accounting Standards Committee

Also called the IASC. An organization established to standardize accounting practices across the world. Although the IASC had no authority to enforce its rulings, a number of countries followed its guidelines anyway. In 2001, the IASC was replaced by the International Accounting Standards Board.
References in periodicals archive ?
In 2002 the Norwalk Agreement was jointly issued by the International Accounting Standards Committee (IASC) and the Financial Accounting Standards Board (FASB) of the United States stating the unified commitment of both organizations to create a single set of high quality accounting standards.
Standards enacted by the International Accounting Standards Committee (IASC), the predecessor of the International Accounting Standards Board (IASB).
The International Accounting Standards Committee Foundation (IASCF) is launching a programme to help accountants prepare financial statements under international accounting standards in the run-up to the 2005 implementation deadline (see "Clarity begins at home, FM February 2002).
During its first global meeting in February in London, the XBRL.org Committee announced that one of its member organizations, the London-based International Accounting Standards Committee (IASC), has released a draft taxonomy of XBRL for Financial Statements to members of XBRL.org for review.
Tatsumi Yamada, a board member of the Japan Institute of Certified Public Accountants, on Thursday became one of the 14 newly appointed board members of the International Accounting Standards Committee (IASC).
Likewise, the Basle Committee on Banking Supervision suggested this approach when commenting to the International Accounting Standards Committee (IASC) on its project on financial instruments.
The International Accounting Standards Committee (IASC), based in London, recently issued 12 revised standards - including the Cash Flow Statements, not required in most of the continent - eliminating many of the prior alternatives.
The national association, headquartered in Vancouver, represents the 45,000-member CGA body internationally on the Confederation of Asian and Pacific Accountants, the International Federation of Accountants and the International Accounting Standards Committee Canadian Advisory Group.
It would be prudent of the EC and the International Accounting Standards Committee (IASC) to concentrate their efforts in these areas.
According to the International Accounting Standards Committee (IASB), as of now, 131/143 countries and territories (accounting for 93% of the countries surveyed by IASB) have declared about allow applying IFRS in different forms.
The AICPA and the International Accounting Standards Committee (IASC) Foundation have jointly developed a conference where IFRS for SMEs will be addressed.

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